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How the CARES Act changes deducting charitable contributions

Whether you are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that’s personally meaningful to you, your charitable donations may be tax deductible. These deductions basically reduce the amount of their taxable income. Here’s how the CARES Act changes deducting charitable contributions made in 2020: Previously, charitable contributions

Here’s who qualifies for the employee business expense deduction

Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators, according to the IRS. Taxpayers can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions, unless they are a qualified employee or an eligible educator. They must complete Form 2106,

The Effect of COVID-19 on Business Valuations

It is no surprise that the COVID-19 pandemic has created tremendous uncertainty regarding the current value of businesses.  Earlier this year, our country witnessed major stock indexes lose more than 20 percent of their value, the World Health Organization declared a worldwide pandemic, and the President of the United States

Beware of Gift Card Scam

Gift cards are a popular and convenient gift for all occasions. They’re also a tool that scammers use to steal money from people. Scammers often target taxpayers by asking them to pay a fake tax bill with gift cards. They may also use a compromised email account to send emails