2021 Tax Filing Season Begins February 12 – IRS Outlines Steps to Speed Refunds During Pandemic

The Internal Revenue Service announced that the nation’s tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The Feb. 12 start date for individual tax return filers allows the IRS time to do additiona
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A Look at Potential Biden Tax Changes

With the 2020 election over and the two Georgia Senate seats being filled by Democrats, there could be a chance that Biden’s tax plan gets looked at in Congress. Please look at the link below to read some of the proposals in his plan. If you would like to discuss any of these po
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Additional Coronavirus Response and Relief

We have been waiting for a second stimulus package and additional guidance on the provisions pertaining to the PPP and EIDL Loan Programs. This morning the text of the new Additional Coronavirus Response and Relief (ACRR) legislation was released and we have prepared a short list summ
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2020 Year End Tax Planning – Taxability of the PPP Loan

Many of you have had conversation or Zoom meetings with us, or we may be scheduled to discuss your situation before the end of the year. Earlier this week, the IRS updated its position of the “Taxability” of the PPP Loans by insisting the applicable covered expenses are no
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529 College Savings Plans

We are always trying to provide the best tax guidance to our clients and this is one of our favorites. 529 plans are designed to encourage savings for the designated beneficiary to be used on qualified higher, and sometimes secondary, education expenses. Most states offer these plans
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