Tax Alerts

Coronavirus (COVID-19): Tax relief for small businesses

Coronavirus (COVID-19): Tax relief for small businesses

Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal...

The IRS extends the federal income tax payment deadline

The IRS extends the federal income tax payment deadline

After U.S. Treasury Secretary Steven Mnuchin’s announcement that the deadline for paying federal income taxes would be extended, the IRS released guidance on March 18 outlining the details. IRS Notice 2020-17 follows up on President Trump’s Emergency Declaration that,...

The IRS provides guidance on meal and entertainment deductions

The IRS provides guidance on meal and entertainment deductions

The IRS has released proposed regulations addressing the deductibility of meal and entertainment expenses in tax years beginning after December 31, 2017. Among other things, the proposed regs clear up lingering confusion regarding whether meals are considered...

The SECURE Act likely to affect your retirement and estate plans

The SECURE Act likely to affect your retirement and estate plans

In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should...

Numerous tax limits affecting businesses have increased for 2020

Numerous tax limits affecting businesses have increased for 2020

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social...

The SECURE Act changes the rules for employers on retirement plans

The SECURE Act changes the rules for employers on retirement plans

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial...