The 2020-2021 tax season is unprecedented for many reasons, and it’s forcing many business owners to take a closer look at their tax situation with their CPAs to ensure all available opportunities are optimized. Much is still up-in-the-air when it comes to presidential tax plans, future pandemic relief, and fluctuating economic strain, but construction companies […]
The Internal Revenue Service recently issued the 2021 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and maintenance, and insurance rate increases, will once again affect the way a company reimburses their mobile workers. Specifically, the IRS mileage rate is a guideline that businesses use to calculate the deductible […]
The U.S. House of Representatives and U.S. Senate have passed the Coronavirus Response & Relief Supplemental Appropriations Act, and President Trump signed it into law on Sunday December 27. The agreement comes after weeks of negotiations and two funding extensions to keep Congress open until a bill was passed with a $1.4 trillion government-wide funding plan. The […]
This year has been unique and beyond comparison in many ways, and tax planning is just one of the implications of current events. Both individual and business taxes have the potential to be significantly impacted by the various legislation that has passed like the FFCRA and the CARES Act, the loan programs made available like […]
According to news outlets, as of this writing, Joe Biden has been named the president-elect of the U.S. Vote counting is still ongoing and election results have not yet been certified, but this news may have some taxpayers wondering what changes if any, they should make in their tax planning to close out an eventful […]