2020 Tax Season Archives - Wealth Builders CPA's

Double Benefits: Claiming Both the ERC and Tax-Free PPP

First, say thanks to the Consolidated Appropriations Act, 2021 (CAA), enacted December 27, 2020. It opened the door (retroactively and going forward) for Paycheck Protection Program (PPP) participants to also […]

Can You Claim the ERC for the Owner of a C or S Corporation?

Weekly Tax Tips

Members of the tax community struggle with the “solo corporate owner” qualification for the employee retention credit (ERC). In their recently published The Employee Retention Credit Guide, authors Alan S. Gassman, […]

PPP Extended – Act Fast or Miss Out

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Good news. The PPP Extension Act of 2021 makes Paycheck Protection Program (PPP) monies available until the earlier of May 31, 2021, or when the money runs out. According to […]

Tax Considerations When a Loved One Passes Away (Part 3)

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A financially comfortable loved one has passes away. In this year of seemingly endless bad news, sadly, that’s not an uncommon situation. The now-deceased loved one may have been single […]

Tax Considerations When a Loved One Passes Away (Part 2)

Weekly Tax Tips

A financially comfortable loved one has passes away. In this year of seemingly endless bad news, sadly, that’s not an uncommon situation. The now-deceased loved one may have been single […]

New Stimulus Law Grants Eight Tax Breaks for 1040 Filers

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The new, massive stimulus bill enacted into law on December 27, 2020, contains eight new tax breaks designed to help the non-business taxpayer. None of these tax breaks are earthshaking […]

QBI Update: Impact of Negative QBI and Previously Suspended Losses

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For 2018-2025, you (and estates and trusts) can use your qualified business income (QBI) to create the 20 percent deduction under Section 199A. While federal income tax losses from business […]

If the SBA Makes Loan Payments on Your Behalf, Are You Taxed?

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The Small Business Administration (SBA), Paycheck Protection Program (PPP) loans, and Economic Injury Disaster Loans (EIDLs) have gotten the most attention from businesses seeking a quick cash infusion during the […]

Business Tax Breaks Thanks to the Recently Enacted CAA

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The Consolidated Appropriations Act (CAA) was signed into law on December 27, 2020. The legislation adds a few new federal income tax breaks for business and extends a bevy of […]

Who Qualifies for First Draw PPP Money Today?

Blog, Weekly Tax Tips

Answer-you most likely-if you file a business tax return and have not yet received any Paycheck Protection Program (PPP) monies. But don’t wait. The money is going to run out […]