Ethical Concerns in Using Tax Planning Software
What are my ethical responsibilities when I use software to produce a tax plan? In the world of taxes, there are many ethical issues that
Categories
Recent blogs
Business Losses and PPP Loans: Understanding Tax Implications for S Corp Shareholders
Business losses have become all-too common during COVID-19. Though new tax benefits have been introduced, understanding whether these will benefit a specific business can be
The Real Estate Tax Implications of California Prop 19
California Prop 19, also known as “The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act,” went into effect
Extensions to the Paid Sick Leave and Family Leave Credits in 2021
Employers will continue to see tax benefits for providing paid sick leave and family leave for the second and third quarters of 2021. The Families
Navigating Changes to the 2021 Dependent Care Credit
The Dependent Care Credit is available to taxpayers who pay someone else to care for a dependent under age 13 or to care for a
Understanding the 2021 Changes to the Child Tax Credit
Taxpayers who have children in their care should be aware that the Child Tax Credit has been changed for one year, effective for 2021. Here’s
Taking Advantage of Passive Losses
Over the last two weeks we have outlined a strategy to intentionally fail the test for material participation, for purposes of converting non-passive income to
The Section 1244 Small Business Stock Loophole
This week’s blog focuses on a loophole to the $3,000 deduction on capital loss losses. Businesses don’t always go as people hope they will. Unfortunately,
Defining Material Participation
If you haven’t looked at last week’s blog (“Reclassifying Non-Passive Income”), we suggest you do that first. Last week, we focused on classifying activities as
Reclassifying Non-Passive Income
One strategy regarding income recharacterization is to shift non-passive income to passive income. Non-passive income is any income earned actively by the taxpayer: wages, salaries,
2020 Tax Update for the Tax Planner – Part 2
This is our second posting on the topic, so please check out Thursday’s blog, if you missed it. There have been so many tax changes
