1. Fund Your IRA Taxpayers with earned income can fund an IRA for 2020. The due date for this contribution is April 15, 2021. Taxpayers can fund up to $6,000 if they have this much in earned income. Taxpayers…
1. Fund Your IRA Taxpayers with earned income can fund an IRA for 2020. The due date for this contribution is April 15, 2021. Taxpayers can fund up to $6,000 if they have this much in earned income. Taxpayers…
In December 2020, legislation was passed authorizing the Paycheck Protection Program (PPP) version 2.0. PPP 1.0 passed in March 2020 in response to the pandemic. Prior PPP borrowers must meet all of the following conditions to…
Beginning with the 2020 tax year, the IRS will require business taxpayers to report amounts paid as nonemployee compensation on the new Form 1099-NEC instead of on Form 1099-MISC as was required in previous years. Generally, businesses will need to…
The CARES Act, which went into effect last spring, established a new “above-the –line” deduction for charitable giving. The “line” is your adjusted gross income “AGI” which is your income after deductions, last year line 11b on your…
On June 25, 2019, the State of Connecticut enacted the Paid Family and Medical Leave Authority, which created a comprehensive paid family and medical leave insurance program in Connecticut. The paid leave benefit will be funded by a 0.5…
