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Everything you need to know about BMD and the industry.
Client Alert
Tax Savings Potentially on the Chopping Block under President Biden’s American Jobs Plan and American Families Plan
June 18, 2021
Recently, President Biden has proposed several tax law changes in his American Jobs Plan and American Families Plan. Outlined below, are a few of the tax savings that could be significantly changed or eliminated under Biden’s plans.
Posted by
Tracy L. Albanese
Client Alert
Which Entity Should I Form When Starting a New Business?
May 21, 2021
As a tax law attorney, friends and acquaintances ask me this question all the time: what type of entity should I form when starting a new business? With many business options available it can be confusing determining which business structure would be appropriate. Below is a general overview of each business structure and the tax responsibilities of each.
Posted by
Tracy L. Albanese
Client Alert
IMPORTANT UPDATE: IRS Opens Portals for Advanced Child Tax Credit Payments 2021
May 20, 2021
The American Rescue Plan Act (the “Act”) expands the Child Tax Credit for tax year 2021. In addition to expanding the Child Tax Credit, the Act provides for advance payments of the 2021 Child Tax Credit. Beginning in July, the IRS will automatically send Advanced Child Tax Credit payments to eligible taxpayers based on their 2020 tax return (or 2019 tax return if the 2020 tax return has not been filed and processed yet). The amount of the advanced payment will be up to $300 each month for each qualifying child under 6 years old at the end of 2021 and $250 each month for each qualifying child between 6 and 17 years old at the end of 2021. For example, if you have 2 qualifying children, one 4 years old and one 8 years old, you may receive up to $550 each month in advance child tax credit payments.
Posted by
Tracy L. Albanese
Client Alert
Identity Protection PIN Available to ALL Taxpayers in January
December 11, 2020
Beginning in January 2021, the IRS will allow all taxpayers who can properly verify his/her identity to obtain an Identity Protection PIN. An Identity Protection PIN (“IP PIN”) is a six digit number assigned to a specific taxpayer to assist in preventing the misuse of a taxpayer’s social security number on fraudulent federal tax returns. Previously, only confirmed victims of identity theft who resolved his/her tax issues with the IRS were eligible for an IP PIN.
Posted by
Tracy L. Albanese
Client Alert
Economic Impact Payment is Not Taxable Income
May 12, 2020
The IRS stated that the economic impact payments are not considered taxable income. Therefore, individuals will not owe tax on the amount of economic impact payment received.
Posted by
Tracy L. Albanese
Client Alert
Did You Know that Certain Expenses May Not Be Deductible if You Received a PPP Loan?
May 1, 2020
On April 30, 2020, the IRS issued a Notice stating that for Federal income tax purposes, certain expenses that would otherwise be deductible in a taxpayer’s trade or business may not be deductible if the taxpayer received a loan under the Paycheck Protection Program (“PPP”).
Posted by
Tracy L. Albanese
Client Alert
UPDATE: Exempt Organizations Filing Deadline Extended Until July 15, 2020
April 13, 2020
In a recent announcement, the IRS has expanded the deadline for any taxpayers, whether individuals, trusts, estates, corporations, and other non-corporate tax filers, where a filing or payment deadline falls on or after April 1, 2020 and before July 15, 2020. These taxpayers now have until July 15, 2020 to file and pay any federal income tax that is generally due on April 15. The IRS will not assess any late-filing penalty, late-payment penalty, or interest.
Posted by
Tracy L. Albanese
Client Alert
Exempt Organizations: Form 990s Due May 15 Have Not Been Extended
March 27, 2020
Although the IRS has automatically postponed the filing and payment deadline from April 15, 2020 until July 15, 2020 for most taxpayer returns, the IRS notice specifically does not apply to any Federal informational return.
Posted by
Tracy L. Albanese
Client Alert
FFCRA & Payroll Tax Credit: How Does it Work?
March 26, 2020
The Families First Coronavirus Response Act (“FFCRA”) provides for refundable payroll tax credits for employers in order to assist with the cost of providing Coronavirus-related leave to their employees. These refundable payroll tax credits are designed to reimburse small and midsize employers for the cost of providing COVID-19-related leave to their employees. This tax credit goes into effect on April 1, 2020 and will remain in effect until December 31, 2020 unless extended or modified.
Posted by
Tracy L. Albanese