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Tax & PPP Loan Provisions in the Consolidated Appropriations Act
Posted by Jenna Peabody on Tue, Dec 29, 2020 @ 04:32 PM

On Dec. 27, 2020, President Trump signed into law the Consolidated Appropriations Act (the Act) that had been passed with overwhelming majorities in both Houses of Congress on December 21. Trump delayed the signing as he pursued, with the approval of Democratic members of Congress, an increase in the amount of Recovery Rebate checks from $600 to $2,000. Without explanation or fanfare, the President signed the bill to the surprise of members of both parties. On Dec. 28, the House passed a stand-alone bill to increase the stimulus payments to $2,000, but with voting along party lines it is expected to die in the Senate.

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Topics: individual tax, tax, tax deductions, Charitable contribution planning, Paid Family Leave, Paycheck Protection Program, PPP Loan, Stimulus, Employee Payroll Tax Deferral, Consolidated Appropriations Act

Your Guide to Tax Planning in 2021
Posted by Joanna Powell on Thu, Dec 10, 2020 @ 12:13 PM

The IRS and the Social Security Administration have released 2021 inflation-adjusted figures for more than 50 tax provisions. In addition to a 1.3% cost-of-living adjustment (COLA) for Social Security beneficiaries, details about adjustments to tax rate schedules, exemptions, and various thresholds for deductions and credits were announced. The tax year 2021 adjustments generally are used on tax returns filed in 2022.

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Topics: individual tax, tax planning, tax deductions, business tax, Taxes, cost-of-living, tax credit, Tax Cuts and Jobs Act, TCJA, Joanna Powell, COLA, AMT

How the Election Could Affect Your Taxes
Posted by Bob Smith on Fri, Sep 16, 2016 @ 01:49 PM

Comprehensive tax reform changes are commonly heard as presidential campaign promises, but the ideas put forth by the nominees provide some approaches to tax reform with which you should be familiar. What we know of Donald Trump’s and Hillary Clinton’s plans for the federal tax code may indicate future areas of IRS focus or updates.

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Topics: individual tax, election year, Bob Smith, Taxes, Hilary Clinton, Donald Trump, Election, Corporate Taxes, Campaign

Portability of Estate Tax Exemptions [2013 Tax Update]
Posted by Kristen Shepley on Fri, Dec 20, 2013 @ 09:07 AM

In our continuing series of tax updates for our clients and friends of the firm, CBIZ Tofias is pleased to present this information on what’s new in 2013 income tax reporting and compliance requirements.

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Topics: tax update, individual tax, 2013 Tax Update

Tax Free Distributions of Education Savings Accounts (ESA)
Posted by Kristen Shepley on Thu, Dec 19, 2013 @ 09:01 AM

 

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Topics: tax update, individual tax, 2013 Tax Update

Do You Need to Pay the New Medicare Tax on Investment Income? [2013 Tax Update]
Posted by Kristen Shepley on Tue, Dec 17, 2013 @ 09:27 AM
The answer depends on the new thresholds for Modified Adjusted Gross Income (MAGI).


In our continuing series of tax updates for our clients and friends of the firm, CBIZ Tofias is pleased to present this information on what’s new in 2013 income tax reporting and compliance requirements.

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Topics: tax update, individual tax, 2013 Tax Update, Medicare tax

Capital Gains Rates Have Increased for 2013 [2013 Tax Update]
Posted by Kristen Shepley on Mon, Dec 16, 2013 @ 09:17 AM

 

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Topics: tax update, individual tax, 2013 Tax Update

Is Your 2013 Executive Compensation Subject to the new Medicare Tax?
Posted by Kristen Shepley on Sun, Dec 15, 2013 @ 09:40 AM

 

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Topics: tax update, individual tax, 2013 Tax Update, Medicare tax

Limits on Deductions and Exemptions for 2013 [2013 Tax Update]
Posted by Kristen Shepley on Sat, Dec 14, 2013 @ 09:33 AM

 

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Topics: tax update, individual tax, 2013 Tax Update

Additional Medicare Taxes Required for 2013 [2013 Tax Update]
Posted by Kristen Shepley on Fri, Dec 13, 2013 @ 09:19 AM

 

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Topics: tax update, individual tax, 2013 Tax Update, Medicare tax

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