The Tax Cuts and Jobs Act introduced a non-corporate tax deduction called Section 199A Qualified Business Income (QBI) Deduction to incentivize taxpayers to set-up businesses as pass-through entities. The QBI deduction provides taxpayers a deduction of up to 20% of their qualified business income (net profit) from a pass-through entity for tax years 2018 to…

On August 8th, 2020, the president signed four executive orders have a direct impact on unemployment insurance benefits, evictions, student loans, and payroll taxes. Here’s a Brief Summary Lost Wages Assistance (LWA) Program- The executive order provides federally funded supplemental unemployment benefits of $300 a week and requires the state to cover an additional supplemental payment…

On March 27, The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed and signed into law to provide economic relief to businesses and individuals impacted by COVID-19. It includes several significant changes to tax law, below is a summary of key provisions that impact businesses. 1. Modifications for Net Operating Losses A net…

What is the Employee Retention Credit? Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000…