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Category: Tax and Financial News

Restricted Stock & RSUs: 3 Planning Tips - Jul. 01, 2021

Restricted Stock & RSUs: 3 Planning TipsEquity compensation is becoming more mainstream and is not just for executives anymore. Grants of restricted stock or restricted stock units (RSUs) are getting to be more common than stock options – and the rules are different, as is the tax planning. Below we will look at some of the particulars of how restricted stock […] read more

The Biggest Winners and Losers in President Biden's Proposed Individual Tax Plan - Jun. 01, 2021

The Biggest Winners and Losers in President Biden's Proposed Individual Tax PlanPresident Biden presented his $1.8 trillion American Families Plan, which focuses on expanding benefits for education, children and childcare. The Biden administration intends to pay for the plan with a series of tax hikes on certain individual taxpayers. Depending on your income and source of wealth, there are some clear winners and losers of this […] read more

Tax-Free Student Loan Forgiveness is Part of the Latest Covid-19 Relief Bill - Apr. 01, 2021

Tax-Free Student Loan Forgiveness is Part of the Latest Covid-19 Relief BillThe recently passed American Rescue Plan (ARP) Act of 2021 includes a provision making nearly all student loan forgiveness tax-free, at least temporarily. Before the ARP, student loan forgiveness was tax-free only under special programs. Before we look at the changes to come under the ARP, let’s look back at what the previous law provided. […] read more

Four Essential Questions You Should Ask Your Tax Professional This Season Related to COVID-19 - Mar. 01, 2021

Four Essential Questions You Should Ask Your Tax Professional This Season Related to COVID-19Good tax professionals ask the right questions to ensure they understand your situation and can help you to the best extent the law allows. Given the host of pandemic-related tax changes for 2020, it’s good to keep these four questions below in mind. If your tax preparer doesn’t ask these questions in your tax organizer […] read more

New Year-End Tax Provisions - Feb. 01, 2021

New Year-End Tax ProvisionsIn late December, Congress passed the Consolidated Appropriations Act, which in addition to providing COVID-19 relief provisions also included many tax provisions and extenders. The Act contained many COVID-related tax provisions, as well as a slew of extenders ranging from one year to permanent. This article will focus on the miscellaneous tax and disaster relief […] read more

Paying the Price for Vice: The Evolving Landscape of Excise Taxes in America - Jan. 01, 2021

Paying the Price for Vice: The Evolving Landscape of Excise Taxes in AmericaWhile excise or vice taxes have long been a part of the American tax landscape related to alcohol and cigarettes, the recent invention of vaping and legalization of marijuana and other substances is changing the landscape. What Are Excise Taxes? Excise taxes are taxes on specific types of consumable products such as alcohol or tobacco […] read more

2021 Social Security Tax and Benefit Increases Announced - Dec. 01, 2020

The Social Security Administration recently announced 2021 increases to both benefits and the taxable wage base for FICA taxes. Increases Announced for 2021 Workers are facing a 3.7 percent increase in the taxable wage base subject to Social Security taxes, increasing the amount from $137,700 up to $142,800. This means high earners who make as much […] read more

Our Top 6 Year-End Tax Planning Tips - Nov. 01, 2020

This has been a year of economic and tax uncertainty with the impact of the COVID-19 pandemic, potential stimulus bills and the presidential election. As a result, tax planning may be more important than usual this year. To help guide you, we will cover six year-end tax planning strategies – three for individuals and three […] read more

What's Next for a Stimulus Bill? - Oct. 01, 2020

The Senate Republicans’ slimmed-down stimulus bill recently failed to materialize after receiving less than the 60 votes needed to move forward. The “skinny” stimulus bill, with a price tag of only $650 billion, was intended to be a way to quickly inject stimulus into the economy and bypass both the multi-trillion-dollar Republican HEALS Act and the […] read more

3 State Level Tax Hikes That Might Be Coming Due to COVID-19 - Sep. 01, 2020

No surprise, but Americans are consuming and spending less since the coronavirus kicked in.  Retail sales dropped to 8.7 percent in March, the largest month-over-month decline since the Census Bureau started tracking this data. Previously, the sharpest decline was less than half this – at 3.9 percent from October 2008 to November 2008, during the […] read more