Adam’s Tax Blog

Nearly everyone has heard about the Economic Impact Payments (EIPs) 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...

The IRS has issued guidance clarifying the fact that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan...

Many businesses are interested in donating to charity in response to the COVID-19 pandemic. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act liberalized the rules governing charitable deductions. Here are two...

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 still claim the write-off on your 2019 return....

The coronavirus (COVID-19) pandemic has affected the finances of many Americans. 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 you can’t....

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how rules for claiming certain tax losses have been modified to provide businesses with relief from...

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 by allowing you to convert your traditional IRA...

Your business may be using independent contractors to keep costs low as a result of the coronavirus (COVID-19) crisis. But you should be careful these workers are properly classified for federal tax purposes. It can be an expensive mistake if the IRS reclassifies them...

Millions of eligible Americans have already received 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...

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings, referred to as qualified improvement property (QIP). Under the Tax Cuts and Jobs Act...

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More...

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First...