by hoodlawkc | Tax Planning, Business Planning
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law March 27, 2020 provides for sweeping relief to families and businesses affected by the Global COVID-19 pandemic. Among its many provisions are modifications and expansions to the...
by hoodlawkc | Tax Planning, Business Planning
Coronavirus Relief Bill Provides Loans to Help Your Small Business Pay its Employees and Keep the Lights On, and You May Not Have to Pay it Back On Wednesday, March 25th the United States Senate voted 96-0 to pass the 880-page Coronavirus Aid, Relief, and Economic...
by hoodlawkc | Tax Planning
Earlier this month, the IRS released Revenue Ruling 2019-24, which creates new rules regarding the treatment of hard forks for digital currency. In this post, we will discuss what these new rules might mean for you. Additionally, the IRS has recently announced that...
by hoodlawkc | Tax Planning
In the 2017 Tax Cut and Jobs Act, Congress added Section 199A to the Code which provided a deduction to taxpayers operating pass-through businesses of up to twenty percent (20%) of the taxpayer’s qualified business income. Thus, businesses operated through a sole...
by hoodlawkc | Tax Planning
In the 2017 Tax Cuts and Jobs Act, Congress limited the deductibility of (1) state and local, and foreign, real property taxes; (2) state and local personal property taxes; and (3) state and local and foreign income, war profits and excess profits taxes to a cap of...
by hoodlawkc | Tax Planning, Business Planning
Tax deductions are a matter of legislative grace, and failure to comply with substantiation requirements can have dire consequences. One family in El Paso discovered this harsh reality after an audit of their 2012 and 2013 taxes. Mrs. Baca is a W-2 employee of a bank...
