Business

What are the tax implications of buying or selling a business?

  Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand...

The cents-per-mile rate for business miles decreases again for 2021

  This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-and-one-half cents, to 56 cents per mile. As a result, you might claim a lower deduction for vehicle-related expenses...

Consolidated CARES Coronavirus Updates

Updated Summary of Tax Deadlines Automatic Extended Due Dates** State Which Filings Filing Date Payment Date 1st Quarter Estimate Notes California All returns 7/15/2020 7/15/2020 7/15/2020 Includes 2nd  quarter estimates Connecticut Individual 7/15/2020 7/15/2020...

DC EXTENDED TAX DEADLINE

Today, Mayor Muriel Bowser and Chief Financial Officer Jeffrey DeWitt announced that the deadline for taxpayers to file and pay their 2019 District of Columbia individual and fiduciary income tax returns (D-40, D-41, and D-40B), partnership tax returns (D-65), and...

COVID-19 TAX RELIEF (03/23/2020)

The treasury department announced that the federal income tax return filing date of April 15th has been extended to July 15th to match the extended tax payment date. This includes individual, fiduciary and corporate tax returns. Maryland followed up indicating that...

COVID-19 TAX RELIEF

IRS today officially announced – Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual...

2012 American Taxpayer Relief Act – Businesses

On January 1, 2013, Congress passed, and President Obama signed the next day, the American Taxpayer Relief Act. The new law includes some valuable business tax incentives. Many of these business tax incentives are temporary so taxpayers have a limited window in which to maximize their potential tax savings. Tax rates Depending on how a […]

2012 American Taxpayer Relief Act – Individuals

Although Congress averted many of the consequences of a possible tumble over the fiscal cliff with last-minute action, we would like you to be aware of the impact of the bill that was passed — known as the American Taxpayer Relief Act of 2012 — signed into law Jan. 2. We have compiled an overview […]

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