by hoodlawkc | Tax Planning, Tax Law
For 2021 Tax Return: The first step for every taxpayer is to gather all relevant tax documents. Begin by reviewing last year’s return and any associated documents. Then gather this year’s documents which may include W-2s, 1099s, personal property tax receipts,...
by hoodlawkc | Tax Planning, Tax Law
The House Ways and Means Committee on Monday released legislative text for proposed tax changes as part of the Democrats’ budget reconciliation bill. Members of the U.S. House of Representatives are currently working on a $3.5 Trillion budget reconciliation bill that...
by hoodlawkc | Tax Planning, Business Law, Business Planning, Tax Law
Small businesses who received Paycheck Protection Program Loans got some good news this week, and may want to hold off on applying for forgiveness for a few weeks due to the stimulus bill signed into law over the weekend creating two important changes to existing PPP...
by hoodlawkc | Tax Planning, Business Law, Business Planning, Tax Law
Providing Tax-Free Assistance to Employees The holiday season is a time when many employers opt to show their appreciation for their employees. From holiday parties to Christmas bonuses, employers often make discretionary payments to reward a year of hard work or high...
by hoodlawkc | Tax Planning, Business Law, Business Planning, Tax Law
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was signed into law on March 27, 2020. Among other programs, the CARES Act created the Paycheck Protection Program (“PPP”), which provided loans to enable small and mid-sized business to continue to keep...
by hoodlawkc | Tax Planning, Tax Law
Most taxpayers are aware of employer-sponsored retirement plans like 401(k) accounts and individual retirement accounts like IRAs. They may even be aware of Health Savings Accounts (HSAs) as a way for employers to pitch in for employees’ medical expenses. Many,...
