Following more than six months of sheer chaos, the world seems to be settling down a bit. Or course, concerns surrounding COVID-19, and its impact on the economy persist. But most folks are looking to regain some measure of “normality” (whatever that actually means going forward) in their personal and professional lives. In the meantime, a couple of important tax legislation revisions have emerged. And with the Presidential election looming, many are wondering what
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The IRS is Denying Deductions for Business Expenses Covered By PPP Funds, But Congress is Pushing Back With Proposed Legislation
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Assembly Bill 5 (AB 5) was passed by the California Legislature last year (2019) and officially took effect in January. This sweeping new legislation, which impacts the 2020 fiscal year and beyond, seeks to address what the California State Government sees as a gaping hole in the so-called “gig economy.” Outfits like Uber, Lyft, and the myriad food delivery services have all refused to grant drivers official “employee” status. Instead, insisting their legions of self-scheduling
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  When the coronavirus crashed headlong into our world, the only thing certain, was…well…uncertainty. A sentiment you’ve no doubt heard echoed on just about every media update since mid-March. Yet now, nearly six months later, the prognosis remains…well…uncertain. Some businesses are open, while others remain closed. Some businesses are approaching full operational capacity, while others remain significantly scaled back. The rise in unemployment has slowed, but new jobless claims continue to roll in. And still,
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  Greetings + Happy New Year! So, after the ball drops, and the jubilant Times Square celebration fades away, what comes next? You guessed it, a new year means new laws and changes to the tax code. And one of the tax code major changes this year directly impacts your IRA and other retirement accounts. Signed into law on December 20th, in the waning days of 2019, the Setting Every Community Up for Retirement Enhancement
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