A summary of major provisions of the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act affecting small businesses and self-employed taxpayers:
BHT&D Certified Public Accountants Blog
Chuk Gottschall
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2020 CARES Act Small Business And Self Employed Provisions
Tags: Small Business, CARES ACT, Pay Check Protection, Self Employed
A summary of major provisions of the 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act affecting individual taxpayers:
Tags: COVID-19, CARES ACT, Federal Unemployment
Rental Owners! Do You Know If You Qualify For The 20% Pass-Through Deduction?
Ever since tax reform was passed, over a year ago, taxpayers have been uncertain whether rental property will be classified as a trade or business for purposes of qualifying for the new IRC Sec 199A 20% pass-through deduction (commonly referred to as the 199A deduction).
Finally, on January 18, 2019, the IRS issued a notice which provided “safe harbor” conditions under which a rental real estate activity will be treated as a trade or business for purposes of the 199A deduction.
It’s important to note that this notice prescribes several conditions that must be met for a rental real estate enterprise (a tax term introduced by the IRS in this notice) to be deemed to be a trade or business and eligible for the section 199A 20% deduction. For purposes of this safe harbor, a rental real estate enterprise is defined as an interest in real property held for the production of rents and may consist of an interest in multiple properties.
Tags: Tax Deductions, Small Business, Tax Reform, Rental Real Estate
Tax Extenders Bill Creates Last-Minute Planning Opportunities.
Earlier this month, President Obama signed the Protecting Americans from Tax Hikes (PATH) Act of 2015, extending a number of tax provisions that expired at the end of 2014. But unlike past tax extenders legislation, the PATH Act also makes some deductions and tax credits permanent for businesses and working families.