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Practical tax insights for working tax professionals.
Written by tax professionals for CPAs, EAs, and tax preparers.

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FFCRA Sick Leave Credits Explained

FFCRA Sick Leave Credits Explained The Families First Coronavirus Response Act (FFCRA) provides paid sick leave, free COVID testing, expanded food assistance and unemployment benefits, and increased Medicaid funding. It…

Are Expenses Paid with Forgiven PPP Loan Proceeds Tax Deductible?

Year-End planning hits a brick wall of congressional inaction. Are expenses paid with forgiven PPP loan proceeds tax deductible or not? See update to post from January 12, 2021 below….

Deductible Expenses When an Estate or Trust is Closed

Deductible Expenses When an Estate or Trust is Closed Are You Bewitched, Bothered and Bewildered? Bewitched by estate or trust miscellaneous itemized deductions? Bothered if expenses are specific to an…

Tapping into IRAs and Qualified Plan Accounts

Tapping into IRAs and Qualified Plan Accounts Clients finding themselves in dire financial straits this fall? How about tapping into their IRAs or qualified plan accounts? Better hurry – the…

Should a Trust be an IRA Beneficiary?

Should a Trust be an IRA Beneficiary? Most owners of IRA accounts name a beneficiary or beneficiaries to receive the assets upon the death of the IRA owner. But much…

Social Security Administration Announces 2021 Social Security Changes

2021 Social Security Changes On October 13, 2020, The Social Security Administration released their 2021 Fact Sheet, which announced the changes that will impact benefit recipients in 2021. Having this…