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Blogging Beyond the Numbers

Posted by: Dan Bergs 1 week ago
Getting a college education is expensive. It is also a great investment in your future as well as the future of your child or grandchild. There are some tax benefits that will assist in the cost of a college education. The new stimulus bill passed on December 27, 2020 called the Consolidated Appropriations Act (“CAA”) made some changes to college tax benefits. First, let us discuss some tax c...
Posted by: Whitney Mauger 2 weeks ago
With the President's signature enacting into the law the $900 billion COVID-19 relief bill, certain business meals will now be 100% deductible. This full deduction applies to the cost of food or beverages provided by a restaurant and paid or incurred in 2021 and 2022.    The only change to the code was this new exception to the 50% rule.  All other areas of Sec. 2...
Posted by: Kent Collier 2 weeks ago
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 fall, the IRS indicated that those covered expenses typically would not be deductible. However, the recently signed COVID-19 Relief Act overrides that Revenue Ruling and provides that the expenses are deductible even though the loan proceeds...
Posted by: Dan Bergs 3 weeks ago
Included in the COVID Relief stimulus package signed into law on December 27, 2020 were significant changes to certain payroll tax credits.  Enhancements under the Relief Act, especially to the Employee Retention Credit (ERC), are targeted to those businesses that have experienced declines in revenue or have been “shut down” due to state and local lockdown orders.    Here is some back...
Posted by: Katy Mering 3 weeks ago
In 2019 and prior years, farmers that generated a loss had two options:  1) carryback back the net operating losses 2 years, or 2) they could waive the carryback period and carry the farm losses forward. The CARES Act (passed at the end of March 2020) made additional changes for farm losses and provided that losses arising in tax years beginning after 12/31/17 and before 1/1/21 can be carried back ...
Posted by: Cheryl Wittmann 3 weeks ago
On December 27, 2021 President Trump signed the long-awaited $900 billion stimulus package and government spending bill.  Included in the bill is a second round of advance rebates for individuals.  Eligible individuals will automatically receive up to $600 ($1,200 for married filing jointly) and up to $600 per qualifying child. Generally, if you have adjusted gross income for 2019 up to $75,000 for indiv...
Posted by: Mike Scholz 4 weeks ago
On December 22, Congress passed the Consolidated Appropriations Act, 2021 (the “Act”).  The Act serves as a vehicle to provide pandemic relief as well as to fund government operations through the fiscal year.   The Act is best categorized as three bills in one huge package: Stimulus Relief (i.e., another rebate, PPP Round 2 and unemployment insurance)Tax Extenders andSpending Appro...