There is a lot of conflicting information regarding the stimulus checks going out to a significant amount of Americans. It is important to separate facts from speculation. Some are wondering whether or not the stimulus checks, which top out at $1200 per taxpaying adult, will be subtracted from next year's taxes. The simple answer is no. [...]
In this week's Wednesday episode (April 8, 2020) of the Town of Plymouth's "COVID-19 Daily Update," Heather Cozby addressed the gap between the government programs being set up and the current lack of cash flow. She discussed the status of the Economic Stimulus Payments and Payroll Protection Program, as well as unemployment benefits and Economic Disaster [...]
We wanted to alert you to a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings ("qualified improvement property" or "QIP"). You may recall that following the 2017 Tax Cuts and Jobs Act ("TCJA"), any QIP placed in service after Dec. 31, 2017 was not considered to be eligible for [...]
Along with the paramount health concerns right now, you may be wondering about some of the recent tax changes meant to help everyone coping with the coronavirus fallout. I want to update you on the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress' gigantic economic stimulus package that the President signed [...]
By now, we’re in full swing under new tax laws. The Tax Cuts and Jobs Act (TCJA) was signed into law at the end of 2017, with taxpayers seeing the real effects when they filed their returns in 2019. This legislation has made a profound impact on many taxpayers and has created new planning opportunities. Here [...]
