COVID-19 CARES Act Creates Five-Year NOL Carryback
COVID-19 CARES Act Creates Five-Year NOL Carryback 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 ability to get almost instant benefit from [...]
CARES Act Fixes TCJA Glitch on QIP
CARES Act Fixes TCJA Glitch on QIP 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 tax returns, you likely have no [...]
COVID 19 Crisis Creates Silver Lining for Roth IRA Conversion
COVID 19 Crisis Creates Silver Lining for Roth IRA Conversion 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 the COVID-19 crisis [...]
COVID-19: Tax Benefits for S Corporation Owners
COVID-19: Tax Benefits for S Corporation Owners To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic. Many of our 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, would like us to help clarify [...]
Self-Employed with no Employees? Get Your COVID-19 Cash Now
Self-Employed with no Employees? Get Your COVID-19 Cash Now Get ready for this: “I’m from the government, and I’m here to help.” Here’s the deal: “I’m going to give you $20,833 today. I want you to give me $5,448 no later than two years from now. You can keep the $15,385 difference, tax-free—no strings.” It’s true. The lucky recipient could [...]
COVID -19: Important Tax Breaks from the CARES Act
COVID -19: Important Tax Breaks from the CARES Act Congress just passed the CARES Act in response to the COVID-19 pandemic. In it, there are a lot of juicy tax benefits for you and your business. We’ll tell you about a collection of important ones you need to know. The Check Will Be in the Mail As you read this, [...]