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Blog Author: Kent Collier

How will revised tax limits affect your 2022 taxes?

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures

Getting a divorce? Be aware of tax implications

Divorce is unpleasant. An unexpected tax outcome can add insult to injury. Generally, in a divorce, all the marital property is divided evenly. This can include cash, cars, homes, rental
Money and Statue of Liberty

Update on Treatment of PPP Covered Expenses (now fully deductible) & More Good News for SBA Debt Relief Payments

Many of you have read our recent blog regarding the position taken by the IRS on the deductibility of PPP covered expenses. In IRS Revenue Ruling 2020-27 issued in the
"Paycheck Protection Program" written on a mask atop money

PPP Loans – The IRS doubles down on their position on the tax treatment of covered expenses

Generally, when loans are forgiven or canceled, the canceled amounts are includable as income. When the CARES Act established the Paycheck Protection Program (PPP), Congress specifically included language that PPP loan

Working From Home or Hardly Working?

What are the tax implications of these common COVID-19 related situations? COVID-19 has certainly changed our lives in many ways:  many people are either working remotely or have been furloughed

How to reduce the cost of college with tax credits

College is expensive. The latest figures from the University of Wisconsin–Madison show that the average annual cost of tuition and fees was over $11,000 for in-state students and almost $39,000

Time to begin taking Required Minimum Distributions from your retirement plan? Maybe not.

If you participate in a qualified retirement plan, such as a 401(k) or 403(b), you generally need to begin taking distributions from the plan no later than April 1 of

Tax Relief for Victims of Severe Storms in Wisconsin

Good news for many Wisconsin Taxpayers who suffered losses due to the severe storms, tornadoes, straight-line winds, flooding and landslides that took place mid-August  2018.  The President has declared a