Tax Planning Guide 2020-21
What word other than “unprecedented” can be used to describe the events we’ve experienced this year? During such times, tax planning is far from top of mind. But it’s still...
06 November, 2020
CARES Act Tag
Real Estate: QIP Depreciation Changes
Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property (QIP). The correction is part of the CARES Act. It retroactively...
06 November, 2020
Tax Relief for Businesses – CARES Act
To provide tax relief to businesses suffering during the COVID-19 pandemic, the CARES Act temporarily relaxes the limitation on deductions for business interest expense. This article explains the rules that...
06 November, 2020
COVID-19 Year-End Tax Planning
If you are reading this, that means you’ve survived what will be one of the most interesting years in your life! This year has brought changes to the way we...
03 November, 2020
Utah Governor Announces Small Business Grant
On October 1, 2020, Utah Governor Herbert announced the launch of a new $2 million “Small Business Quarantined Employee Grant” for small businesses in Utah. The grant was created using federal...
05 October, 2020
CARES Act Expands Donation Deductions
In most cases, charitable gifts are deducted by taxpayers who itemize. Those donations are claimed on Schedule A of their annual tax return. However, this year, the Coronavirus Aid, Relief...
18 September, 2020
COVID-19 Foreclosure Tax Issues
As part of the CARES Act, Congress provided temporary relief for homeowners with federally backed mortgages who were financially impacted by COVID-19. For those unable to keep up with their...
18 September, 2020
Guidance on Employee Tax Deferral
President Trump issued a Presidential Memorandum, that directs the Treasury Secretary to use his authority to defer the withholding, deposit and payment of employees’ portions of Social Security taxes from...
04 September, 2020