Your First Look at 2027 Tax Brackets, Standard Deduction Amounts and More
Get a first look at projected 2027 tax brackets, standard deduction amounts, capital gains thresholds, retirement limits, estate and gift tax amounts, and more.
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Corporate | Individual | IRS News | Refund
IRS Keeps Interest Rates Unchanged for the Rest of 2026
The IRS announced that interest rates will remain the same for the calendar quarter beginning October 1, 2026. Interest Rates For individuals, the rate for overpayments (money the IRS owes you) and underpayments (money you owe the IRS) will be 7% per year. Here’s what the numbers look like: 7% for overpayments, 6% for corporations…
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Businesses Can Save Big with Employee Retention Credit Relief
In March of 2020, Congress introduced a new tax credit: the Employee Retention Credit (ERC) as part of the CARES Act. The ERC was a direct response to the pandemic and was designed to help businesses keep employees on the payroll. But the ERC got off to a rocky start and was quickly overshadowed by…
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Everything You Need to Know About R&D Tax Credits
If innovation is instrumental in moving the country forward, the R&D tax credit helps pave the way. While you might think you’ll need lab coats and microscopes to qualify, the research and development tax credit is broad enough to fit a variety of industries. And with more than $18 billion in research and tax credits…
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Department Of State Sounds Warning On Business Forms
Normally, I don’t post about state-specific issues, but I am in this instance, and here’s why: when you read what this company is doing, it may well ring a bell even if you don’t live in Pennsylvania. That’s because these kinds of schemes know no geographic boundaries: you’ll find them all over the country. In…
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Taxes From A To Z 2020: O Is For Ordinary & Necessary
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. O is for Ordinary and Necessary. To claim a deduction for business expenses, Section 162 of the Tax Code…
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Taxes From A To Z 2020: G Is For GILTI
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. G is for GILTI. GILTI – which ranks up there as one of the best tax acronyms of all-time…
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Treasury Plans To Make Names Of Some PPP Borrowers Public
If you follow me on Twitter, you’d know that our law firm didn’t take out a Paycheck Protection Program (PPP) loan. But if we had, you might soon know the details – down to how much money we had received: Treasury and the Small Business Administration (SBA) have agreed with the bipartisan leaders of the U.S. Senate…
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IRS Guidance Give Employers Flexibility For Benefit Plans During COVID-19 Crisis
Whether you’re reading this from your living room while in your pajamas, or safely tucked away in your newly-renovated laundry room turned home office, you’ll probably agree that employment has changed over the past several weeks. Because of COVID-19, governors and municipalities have issued stay-at-home and other orders, resulting in the complete or partial shutdowns…
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IRS Makes Updates To Employee Retention Credit FAQs
As the COVID-19 crisis continues to roil the economy, all eyes seemed to be focused on the Paycheck Protection Program (PPP). But that’s not the only option for relief for struggling small businesses. One opportunity that’s often overlooked is the Employee Retention Credit or ERC. It’s found in the CARES Act, and like the PPP, it’s designed…
