Adam’s Tax Blog

Note: Tax advice, articles, and content contained on this site are intended for informational and educational purposes only. They are not a substitute for professional advice. Tax matters are can be extremely complex and vary greatly for each individual or company. Please click here to read our complete disclosure and disclaimer for the information presented on this site.

The Possible Tax Consequences of PPP Loans

The Possible Tax Consequences of PPP Loans

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted on...

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The Tax Implications of Employer-Provided Life Insurance

The Tax Implications of Employer-Provided Life Insurance

Does your employer provide you with group term life insurance? If they do and the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage...

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Are Scholarships Tax-Free or Taxable?

Are Scholarships Tax-Free or Taxable?

COVID-19 is changing the landscape for schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for...

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Businesses: Get Ready for the New Form 1099-NEC

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 complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020,...

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After You File Your Tax Return: 3 Issues to Consider

After You File Your Tax Return: 3 Issues to Consider

The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still be some issues you should bear in mind. Here are three...

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Steer Clear of the Trust Fund Recovery Penalty

Steer Clear of the Trust Fund Recovery Penalty

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld from a business employees’ wages. Because...

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