Individuals can begin filing tax returns with the IRS later this week and many are in the process of gathering tax documents. As you look back over 2020, below are a few reminders. Charitable contributions. In the past couple of years most individuals have been claiming the standard deduction. For 2020, if you use the […]
While the economic stimulus checks and the second round of the Paycheck Protection Program received most of the news coverage from the recently passed Consolidated Appropriations Act (CAA), there has not been much focus on changes to the deductibility of business meals. It is no secret that restaurant owners across the nation have had more […]
Last week, the IRS issued Notice 2021-11, which modifies Notice 2020-65 and updates guidance on the timing of the deferred payroll tax repayments. Originally, under a Presidential Memorandum, an employee’s Social Security tax could be deferred from September 1 through December 31, 2020, and then withheld and repaid by April 30, 2021. The Consolidated Appropriations […]