Adam’s Tax Blog

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law....

The new COVID-19 relief law was signed on December 27, 2020, and contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act...

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA),...

In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization. He then used stolen customer lists to start his own mortgage business. The perpetrator hacked the protected records by sending an email containing...

The best choice of entity can affect your business in multiple ways, including the amount of your tax bill. Although S corporations can provide substantial tax benefits over C corporations in some circumstances, there are potentially costly tax issues that you should...

When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. In part, they depend on whether you’re...

If you’re self-employed and don’t have paycheck withholding, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estimated tax payment deadline for individuals is Friday, January 15, 2021. Even...

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. This list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable...

Are you considering replacing a car you’re using in your business? There are several tax implications you should keep in mind. A cap on deductions Cars are subject to more restrictive tax depreciation rules than those that apply to other depreciable assets. Under...

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. While the rules make it hard for many people to qualify, with proper planning you may be able to time discretionary medical expenses to your advantage...

If you own a business, you may be wondering if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction: Is available to owners of sole...

S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses. Conversely, as...