The Tax Policy Center has an excellent article regarding phaseouts. As they explain, "preferences in the tax code phase out for...

The IRS’s response to the COVID-19 pandemic has included focused relief from tax penalties, but taxpayers and tax professionals should...

In spite of COVID-19 restrictions many entrepreneurs are considering possible new or additional business opportunities. So, if you are...

Many taxpayers rent out their first or second homes without considering tax consequences. Some of these rules can be beneficial, while...

If you are a small business owner, every penny of your income counts. This means that you not only want to optimize your revenue, but...

If you can’t wait for 2020 to be over, you’re certainly not alone. But don’t let the myriad terrible things about the year distract you...

Previously we shared that the IRS will disallow deductible expenses for businesses with PPP loans and to write your congressional...

With the debate between Congress and IRS continuing, this an opportune time for small business owners to try to influence congressional...

In response to the IRS ruling on the deductibility of forgiven PPP loans, Congress recently made a joint statement saying the Treasury is...

In guidance issued on Wednesday, November 18, IRS reiterated its position that taxpayers cannot claim a deduction for any otherwise...

Many families have experienced a loss of income in 2020. Here are a few ideas to consider if you are facing an income shortfall this...

The IRS recently announced a new program, the Taxpayer Relief Initiative, to help taxpayers who are unable to pay their taxes because of...

An education credit helps with the cost of higher education by reducing the amount of tax owed on your tax return. If the credit reduces...

Are You a Working Shareholder in an S-Corporation? If so, you may not be aware of the IRS’s “reasonable compensation” requirements, which...

At CJ Smith CPA, we want to be forward thinkers and consider planning opportunities for 2021. This article shares IRS inflationary...

As part of tax reform put into place a couple of years ago, individuals are able to defer both short- and long-term capital gains into...

We’ve all been there. Life is super busy. We have to take care of our families and friends, work obligations, and all our other...

As the end of the tax year approaches, it is worth spending a few minutes reviewing some of the changes that have been made in the tax...

2020 has given rise to more than the usual tax-planning opportunities.

The whole process of obtaining a PPP loan and applying for forgiveness has been complicated from the start...