Offices closed to public until further notice - 11/12/2020

The 2021 "Social Security wage base" is increasing

If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Securit...

Tax implications of working from home and collecting unemployment

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations....

Will You Have to Pay Tax on Your Social Security Benefits?

If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will you have to...

CARES Act made changes to excess business losses

The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactiv...

Office Hours update

Back-to-school tax breaks on the books

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, par...

What happens if an individual can't pay taxes

While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can&rsqu...

More parents may owe "nanny tax" this year, due to COVID-19

In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in...

The tax implications of employer-provided life insurance

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create u...

Are scholarships tax-free or taxable?

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online...

Why do partners sometimes report more income on tax returns than they receive in cash?

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partner...

Take advantage of a "stepped-up basis" when you inherit property

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”...

Conduct a "paycheck checkup" to make sure your withholding is adequate

Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this does...

Businesses: Get ready for the new Form 1099-NEC

There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complet...