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Payroll-Related Provisions of the New COVID-19 Law

The Consolidated Appropriations Act, 2021 (the CAA, 2021) was signed into law on December 27, 2020 and is a further legislative response to the coronavirus (COVID-19) pandemic. The more than 5,500 page law contains numerous provisions that relate to payroll. These provisions are primarily found in the following areas of the CAA, 2021: (1) Division […]

Uncertain Times for WSOP 2020 It’s all in the Cards

The World Series of Poker for 2020 looks a little different this year! For now, gone are the days of crowded hallways filled with buzz and excitement. They have been replaced by the confines of your own computer. To play, you must be physically in Nevada, New Jersey, or Delaware. So, players plan to travel […]

Impact of CARES Act on Professional Gamblers

The CARES Act, which provides businesses temporary loan relief during the CoVid-19 outbreak, became law on March 27, 2020. It provides two loan programs, The Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program, for small businesses, including the self-employed. Based on the way the programs are designed and our understanding of […]

CARES Act and Small Business Paycheck Protection Loans

The “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act” (“Act”) was unanimously approved by the United States Senate on March 25, 2020. On March 27, 2020, the Act was passed by the House of Representatives and signed into law by President Trump. Many small business owners are questioning how the Act will help them remain operational and if they will qualify for relief. While it is a fluid process, the questions that we are most commonly receiving are addressed below.

NYT: F.A.Q. on Stimulus Checks, Unemployment and the Coronavirus Plan

To learn more about the recently passed coronavirus rescue package, please see the following New York Times article. The New York Times is currently offering at no charge information related to news and guidance regarding the the coronavirus outbreak. https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html

Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave…

WASHINGTON — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.

SBA Disaster Loan Assistance

Federal disaster loans for businesses, private nonprofits, homeowners, and renters is available from the U.S. Small Business Administration. Link provided below to access info on eligible disaster areas, the online application, and page to check application status.

Tax Impact of Bitcoin Transactions and Gambling

Bitcoin Crypto Currency

Bitcoin became mainstream in 2014. It was the first year that major retailers started accepting the online currency and it was the first time many taxpayers learned exactly what it was (if you have questions about Bitcoin, be sure to read this). IRS announces bitcoins to be treated as property Some taxpayers needed to quickly change […]

Are Online Lotteries Gaining Steam?

In recent years, states have taken their lotteries online to boost ticket sales and increase profits. Georgia launched their online lottery program back in 2012, but last week, they rolled out a new addition to their program. The state partnered with Gtech, an Italian gaming company, and expanded the game library offered online. Along with […]

IRS Employment Woes Deepen

It is no secret that the IRS will be completely understaffed for the upcoming tax season. I have talked about it before and am reminded whenever I call the tax preparer hotline and wait on hold for over two hours. After the budget was cut and hiring was lessened, it would seem that things could […]

Repairs Regulation Update

Great news for small-business owners, and accountants as well. The previously discussed repairs regulation, which would have cost small businesses time and money this tax season, has been simplified. Today, the IRS announced relief under the regulation, which allows companies with assets of $10 million or less (or annual gross receipts of $10 million or […]

You Can’t Do That!

It’s always fun when “You Can’t Do That” rolls around because it means that it is Friday and that I get to take a look at what people think they can get away with. This week starts off with a CPA, James Lee, from New York. Mr. Lee was tasked with handling the business returns […]

Premium Tax Credit Overpayment Relief

Earlier, I gave a brief overview of the Premium Tax Credit and how it could affect your 2014 return. In the overview, I mentioned that there are two ways to receive the credit: 1) as a “lump sum” at the end of the year when you file your return or 2) as equal monthly installment […]

Hockey in the Desert? Count Me In!

I have been a lifelong hockey fan. My son played hockey growing up, so I was always coaching or watching from the stands. We were both die-hard New Jersey Devils fans and would always go to as many games as we could during the season. I was even fortunate enough to see them lift the […]

TurboTax Provides Reminder: Always Be Alert for Fraud

This has been going around in the news the last few days, but I wanted to write a quick follow-up in case this affects you or someone you know. Last week, TurboTax temporarily halted its state e-file services as a result of an increased level of “suspicious” filings. After investigation, TurboTax deemed that its software […]

What’s in a Name?

I recently had a client ask me a few questions regarding her recent marriage. She had gotten married during the second half of the year and her new, married name was on the official marriage certificate. However, she did not have the time to change her name elsewhere (Social Security Office, bank accounts, credit cards, […]

Unemployed During 2020? You May Owe Taxes

Being unemployed puts every taxpayer in a stressful position. Between trying to make ends meet and searching for a new job, the last thing many people are thinking about is their tax situation. However, if you received unemployment compensation during the year, you will receive Form 1099-G and any income shown must be reported as […]

Baseball, Taxes and the $200 Million Dollar Man

Max Scherzer recently signed an unprecedented contract with the Washington Nationals in which he will be paid $210 million over 14 years. Multiple teams were vying for one of the league’s top pitchers, but the Nationals were the ones who were eventually able to woo him. There were probably multiple reasons (roughly 210 million if I […]

Avoidable Tax Mistakes

It is early enough in the year to start planning your tax return and determining the potential financial ramifications. Whether you will owe money to Uncle Sam at the end of the year, or be due a refund, here are some helpful tips that could better prepare you for the coming months. Always File Your […]

Proposed Regulation Could Change Poker in Nevada (Update)

Good news for poker players in Nevada! Today, AG Burnett, the Chairman of the Nevada Gaming Control Board, commented on SB 40 that was mentioned earlier this week. He said that the bill is strictly aimed at curbing third-party betting regarding to sports and racebook activity, not poker. This is a sigh of relief for the […]

New Jersey: Death and (Gas) Taxes

I was born and raised in New Jersey and it is where I opened my first practice. I still have an office in New Jersey, so any time a local story turns up that could affect my New Jersey clients, I try to give my thoughts on the matter. New Jersey, from a tax perspective, has […]

Your Tax Return – Part II: Deductions and Related Forms

Part I of the series discussed the most popular forms received at the end of the year that report income to the IRS. Part II focuses on other forms you may be receiving shortly that will help you offset some of your income: Form 1098 This form will be sent to you by your bank or […]

Proposed Regulation Could Change Poker in Nevada

If you walk through the halls of the Rio during the World Series of Poker, or through any poker room for that matter, you will quickly discern that many players are involved in a staking arrangement of some kind. Whether backed or swapping action, players have realized that it is less risky to parcel out […]

You Can’t Do That!

In this week’s “You Can’t Do That” I will take a look at a New Orleans woman and her prison scheme, a greedy Philadelphia preparer and an ex-IRS employee who all decided it would be a good idea to try and steal from Uncle Sam.

MLB Player Settles Bill with IRS (Update)

A few weeks ago I mentioned former MLB player Darryl Strawberry’s ongoing issue with the IRS. In short, he owed the IRS, so the IRS announced it would auction off the rights to his deferred compensation. The auction began at $550,000 and concluded yesterday. The highest bid? $1.3 million. This equates to the full value of the annuity […]

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