by Steven J Weil, PhD, EA, LCAM | May 18, 2021 | Blog, Personal Tax
But beware as these payments may have strings attached. IRS set to start mailing advice “Child Tax Credit”, CTC. Qualifying parents with children younger than 6 will begin receiving $300.00 per child for children under 6 years of age per month, and $250 each for...
by Steven J Weil, PhD, EA, LCAM | Apr 30, 2021 | Blog, Personal Tax
𝗜𝗻 𝗮 𝗯𝗹𝗼𝘄 𝘁𝗵𝗲 𝗺𝗮𝗹𝗲 𝘀𝗮𝗺𝗲 𝘀𝗲𝘅 𝗺𝗮𝗿𝗿𝗶𝗲𝗱 𝗰𝗼𝘂𝗽𝗹𝗲𝘀 𝘄𝗮𝗻𝘁𝗶𝗻𝗴 𝘁𝗼 𝗵𝗮𝘃𝗲 𝗮 𝗯𝗮𝗯𝘆 𝘁𝗵𝗲 𝗜𝗥𝗦 𝗵𝗮𝘀 𝗶𝘀𝘀𝘂𝗲𝘀 𝗣𝗿𝗶𝘃𝗮𝘁𝗲 𝗟𝗲𝘁𝘁𝗲𝗿 𝗥𝘂𝗶𝗻𝗴 𝟮𝟬𝟮𝟭𝟭𝟰𝟬𝟬𝟭. The ruling limits medical deductions to, only medical costs directly attributable to the couple. According to the IRS the couple could deduct, as...
by Steven J Weil, PhD, EA, LCAM | Mar 12, 2021 | Blog, Business Tax, Covid-19
The American Rescue Plan Act of 2021 was passed by congress and signed into law by the president on March 11, 2020. The law has provisions effecting individuals, businesses, pension plans and payroll in addition to funding many other unrelated items. In this post we...
by Steven J Weil, PhD, EA, LCAM | Mar 11, 2021 | Blog, Covid-19, Personal Tax
Today the the President signed the American Rescue Plan Act of 2021 and it is now the law of the land. The House passed the American Rescue Plan Act of 2021 yesterday, March 10, 2021, and it is became law when signed by the the President today March 11th, 2021. What...
by Steven J Weil, PhD, EA, LCAM | Mar 10, 2021 | Blog, Business Tax, Covid-19
𝗜𝗥𝗦 𝗣𝗿𝗼𝘃𝗶𝗱𝗲𝘀 𝗚𝘂𝗶𝗱𝗮𝗻𝗰𝗲 𝗳𝗼𝗿 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗿𝘀 𝗖𝗹𝗮𝗶𝗺𝗶𝗻𝗴 𝘁𝗵𝗲 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗲 𝗥𝗲𝘁𝗲𝗻𝘁𝗶𝗼𝗻 𝗖𝗿𝗲𝗱𝗶𝘁 𝗳𝗼𝗿 𝟮𝟬𝟮𝟬: The IRS has issued a Notice on claiming the employee retention credit for calendar quarters in 2020. The guidance, which is similar to FAQs published on www.irs.gov , clarifies the...
by Steven J Weil, PhD, EA, LCAM | Mar 5, 2021 | Accounting, Blog, Covid-19
PPP Update for the Self-Employed SBA Revises Loan Calculation and Eligibility A new SBA, Interim Final Rule revises loan amount calculations and eligibility to permit self-employed individuals who file Form 1040, Schedule C to calculate their maximum loan amount using...
