Tag: Tax

BST's tax newsletter. In this issue: 5 Valuable Tax Credits for 2020 Individual Returns, Nonprofits Need to Educate Donors About New Tax Benefits, CAA Offers Tax Breaks for Manufacturers, Is It Time for a Roth Conversion? and more.

BST partner, Jim Cole, was a featured tax expert in a WRGB Channel 6 story on the 6 pm news on the tax implications of the recent events involving GameStop stock sales.

Judy Cahee and Bob Canterbury answered financial questions with WAMC's Ray Graf hosting.

Forms for various tax situations

While the CARES Act provides for the exclusion of any loan forgiveness amount from gross income, it fails to address the treatment of the expenses funded by those proceeds.

In the COVID-19-ravaged economy, debts can pile up beyond a borrower's ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers.

In late March, the IRS announced that certain taxpayers generally have until July 15, 2020, to file and pay federal income taxes which were originally due on April 15. Since that guidance addressed the imminent and impending April 15 deadline, there were some taxpayers, tax forms, and tax payments that were not covered.

IRS Denies Tax Deduction Tied to Small Business Loans As “small businesses” scramble to get the second round of Payroll Protection Program (PPP) loans, the IRS just released a notice that apparently takes away one of the key perceived benefits of the program.

On Friday, March 27, 2020, President Trump signed into law the bipartisan Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).  This article addresses certain key employer tax considerations.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act will provide roughly $2.2 trillion in financial relief to individuals, businesses, not-for-profit organizations, and state and local governments in response to the coronavirus (COVID-19) pandemic.