Blog

Congress made an error in the Tax Cuts and Jobs Act (TCJA) that limited your ability to fully expense your qualified improvement property (QIP).   The CARES Act fixed the issue retroactively to tax year 2018.   If you have such property in your prior filed 2018 or 2019...

  For many years, thanks to the net operating loss (NOL) provisions, the tax code gave you quick cash in your pocket if you had an overall net loss in a tax year.   Unfortunately, starting in 2018, the Tax Cuts and Jobs Act (TCJA) took away your...

To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic.   Many of my clients own and operate S corporations and expect the tax law to treat them differently, as it does with their health insurance deduction.   Perhaps you, too,...

For years, financial and tax advisors have lectured about the wonderfulness of Roth IRAs and why you should convert traditional IRAs into Roth accounts.   But, of course, you didn’t get around to it. In hindsight, maybe that was a good thing.   For many, the financial fallout from...

If you are in business for yourself—say, as a corporation or self-employed—payroll taxes and self-employment taxes are likely two of your biggest tax burdens.   Here’s some possible good news: Congress decided to give you significant relief from these taxes due to the COVID-19 pandemic. We’ll tell...

  The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S.   If your business is struggling, you may be able to get some help from the federal Small Business Administration (SBA), which is authorized to provide...

After the terrorist attacks on September 11, 2001, Congress added a little-known tax provision to the tax law.   This little-known tax code provision exempts certain payments from taxation during a disaster or terrorist attack.   President Donald Trump’s national emergency declaration triggered the disaster provisions of the tax...

In this letter, we explain how you may be able to take money from your IRA and other retirement accounts, avoid early withdrawal penalties, and have generous options on repayment (or not).   We also explain when you don’t have to take the required minimum distribution from...