The Internal Revenue Service released IRS Notice 2020-75 on November 9, 2020, clarifying its position on State and Local Tax (SALT) workaround laws passed by several states. In Notice 2020-75, …
Time Running Out on Special Charitable Giving Provisions
The holiday season always brings out the charitable inclinations in people, and this year will be no different. We may even see an increase in charitable giving due to provisions …
Can You Deduct Entertainment & Business Meal Expenses? (Updated 2020)
(This article has been updated to reflect clarifications in the deductibility of business expenses for employee social gatherings) Wining and dining clients, prospects and business contacts has been, and continues …
Maryland Accesses Rainy Day Fund for $250 Million of New Economic Relief
The state of Maryland is dipping into its Rainy Day Fund to add $250 million to the state’s emergency economic relief efforts for small businesses. The additional relief adds to …
New SBA Guidance Clears the Way for a Simpler PPP Loan Forgiveness Process
On August 11, when we last wrote about the Personal Paycheck Flexibility Act, the window for PPP loan forgiveness applications had just started to open. But, as we indicated at the …
Are Health Savings Accounts (HSA) the Ultimate Health Care Insurance Plan?
The Health Savings Account (HSA) has been around for more than 15 years, yet it remains one of the best-kept secrets as a tax savings and medical expense reduction tool. …
