Dec 21, 2020 | Firm Updates, Individual Tax, Tax Tips
The purpose of the kiddie tax is to prevent the abuse of transferring income-generating assets to your children in order to benefit from lower tax rates. Per the Internal Revenue Service, the kiddie tax applies if: The child has unearned income, such as interest and...
Dec 10, 2020 | Firm Updates, Tax Tips
President-Elect Joe Biden has proposed reducing the lifetime estate and gift tax exclusion. Whether you should act now to preserve the larger current exclusion depends on your personal situation. The lifetime estate and gift tax exclusion is higher than it has ever...
Dec 2, 2020 | COVID-19 Response, Firm Updates
On April 30, 2020, the IRS released IRS Notice 20-32 which provided guidance that the expenses used to document and earn forgiveness for the Paycheck Protection Program (PPP) loan would be considered nondeductible for tax purposes, as discussed in our firm update from...
Oct 28, 2020 | Firm Updates, International Tax
On April 25, 2017, we posted the first part of a blog series entitled “Tax Withholding When Business Activities Involve International Entities and Individuals”. In this blog, we would like to expand on the issue of withholding taxes on payments made to foreign payees....
Oct 26, 2020 | COVID-19 Response, Firm Updates, Individual Tax, Small Business, Tax Tips
Working from home, or telecommuting has become a standard work practice amidst the coronavirus pandemic. Employers with employees who are working in states other than the state in which the company is physically present must be aware of a variety of problems related...
