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Student loan interest: Can you deduct it on your tax return?

By |2020-05-28T13:56:08+00:00May 28th, 2020|Latest News|

The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed in an administrative forbearance, which allows borrowers to temporarily stop making

Businesses revise sales compensation models during pandemic

By |2020-05-28T13:53:57+00:00May 28th, 2020|Latest News|

Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for the better. Because of the novel coronavirus (COVID-19) pandemic, businesses across a variety of industries

Did you get an Economic Impact Payment that was less than you expected?

By |2020-05-19T17:27:36+00:00May 19th, 2020|Latest News|

Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion. However, some people are still waiting for

How to succeed at virtual team building

By |2020-05-19T17:24:16+00:00May 19th, 2020|Latest News|

Thanks to affordable technology, more and more companies have been allowing employees to work remotely in recent years. It’s become feasible to procure laptops, set up security protocols, use cloud servers and rely on employees’ home Wi-Fi connections to create functional virtual workspaces. In turn, many of these businesses have lowered overhead costs such as

There’s still time to make a deductible IRA contribution for 2019

By |2020-05-11T20:04:46+00:00May 11th, 2020|Latest News|

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you can contribute to a Roth IRA

Subchapter V: A silver lining for small businesses mulling bankruptcy

By |2020-05-11T20:02:12+00:00May 11th, 2020|Latest News|

Many small businesses continue to struggle in the wake of the coronavirus (COVID-19) pandemic. Some have already closed their doors and are liquidating assets. Others, however, may have a relatively less onerous option: bankruptcy. Although bankruptcy obviously isn’t an optimal outcome for any small company, there may be a silver lining: A new bankruptcy law

Do you have tax questions related to COVID-19? Here are some answers

By |2020-05-05T19:24:34+00:00May 5th, 2020|Latest News|

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules that govern whether you can

Adjust your expectations of business interruption coverage

By |2020-05-05T19:21:48+00:00May 5th, 2020|Latest News|

A natural place to turn when disaster strikes is insurance. The very reason you pay premiums and deal with the paperwork is to have these risk management policies in place when necessary. But, when it comes to business interruption coverage, you may have to adjust your expectations if you intend to file a claim because

IRA account value down? It might be a good time for a Roth conversion

By |2020-04-29T13:54:10+00:00April 29th, 2020|Latest News|

The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional IRA, this downturn may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. The key differences

Answers to questions you may have about Economic Impact Payments

By |2020-04-23T12:51:43+00:00April 23rd, 2020|Latest News|

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible to get