Pandemic Relief for Retirement Plans
Many of the relaxed retirement plan rules provided for in the CARES Act that was passed in March 2020 expired at the end of the year. As the future of the pandemic is uncertain, so too is the outlook for retirement plan relief.
2021 IRS Limits for Retirement Plans
The IRS places limits on how much you can contribute to various retirement and pension accounts. The Secretary of the Treasury annually adjusts these limits for cost-of-living increases. The new limits went into effect January 1, 2021. Here is a summary of some of the most common limits.
Key Provisions of the New COVID-19 Relief Bill
Both chambers of Congress overwhelmingly passed a new $900 billion COVID-19 relief bill on Monday night. In addition to funding the federal government through September 2021, the legislation includes several provisions that will affect both individuals and businesses. Here are some of the highlights:
Last-Minute Tax Planning Strategies to Consider Before the End of 2020
2020 has been a rollercoaster of a year. Check out these last-minute tax planning strategies to consider before the end of the year.
IRS Releases Guidance on Tax Treatment of PPP-Funded Expenses
Did your small business take advantage of the Paycheck Protection Program? The IRS has released guidance indicating that expenses paid with PPP loan funds cannot be deducted on the borrower’s tax return if the taxpayer expects the loan to be forgiven, but several bills have been introduced in Congress to clarify the intent of the CARES Act.