President Trump signed the Consolidated Appropriations Act (CAA) into law on December 27, 2020. The legislation adds a few new tax breaks for businesses and extends a bevy of other business breaks that were set to expire at the end of 2020. Note: The tax changes explained in this article are found in sections of the CAA, which are called the Taxpayer Certainty and Disaster Tax Relief ...

The massive COVID-19 relief bill signed by President Trump on December 27, 2020, contains a variety of tax breaks and authorizes direct payments to eligible individuals (see right-hand box). The law is titled the Consolidated Appropriations Act of 2021 (CAA) but two sections of it are called the COVID-Related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTRA)...

Many people are struggling to make ends meet during the COVID-19 pandemic. Fortunately, some individuals qualify for federal-income-tax-free disaster relief and disaster mitigation payments paid by some employers under Internal Revenue Code Section 139. Here are some FAQs and answers about how the rules work. Is COVID-19 Pandemic a Qualified Disaster? The Internal Revenue Code defines the te...

Although the Equal Opportunity Employment Commission (EEOC) is intended to be nonpartisan, run by a five-member Commission, a president can appoint a new chairman and vice-chairman when their terms expire. Currently both of those positions are held by appointees of President Donald Trump. The current chairman's term expires in July 2022.  According to the EEOC, its chairman is "responsible for ...

Given today's stock market valuations and historically low interest rates on fixed-income investments, some IRA owners may be interested in moving some funds from equities and low-risk securities (such as Treasuries and money-market funds) to precious metals. Before you invest in gold, silver or platinum, however, here are some federal income tax issues to consider. Precious Metal Assets Held i...

Many small business owners are looking forward to the end of 2020. It's been a year of significant hardship and stress. But staying afloat remains a daunting challenge in 2021. Here are 16 ideas to help reduce costs without sacrificing quality in the new year. 1. Encourage remote work. Remote working arrangements may have been precipitated by the COVID-19 pandemic. However, if this model has pr...

Earlier this year, employers were polled by Mercer, a global benefits consulting service, to give their preliminary thinking about flexible work arrangements in a post-pandemic environment. Their answers suggest that, in some cases, companies with employees working remotely have become more receptive to these arrangements. Here are some quick survey highlights: 68% of companies are now upd...

Year-End Estate Planning Tips for 2020   Most people aren't currently exposed to the federal estate tax, thanks to the generous unified federal estate and gift tax exemptions. However, there are still good reasons to review your estate plan and possibly update it to reflect the current federal estate and gift tax regime as well as life events. Plus, there's always uncertainty about the ...

Consider WARN Act Legalities If You Need to Lay Off Employees   Protection against the harshness of sudden job loss was the purpose of a law passed back in 1988. The Worker Adjustment and Retraining Notification (WARN) Act was adopted to help employees prepare to find new jobs — particularly if some training is needed to expand their employment opportunities — when their employer is for...