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State Tax Deductions for Business

Taxpayers may have an opportunity to deduct state taxes paid in 2021 by means of their pass-through entity – deductions that might otherwise be limited or lost.   The Tax Cuts and Jobs Act of 2017 (TCJA) limited an individual’s deduction for state and local taxes (SALT) paid to $10,000 ($5,000 for those married and filing separately) …

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New Spiegel Website

Spiegel Accountancy recently launched a new website with a freshly branded look, simple and intuitive navigation, plus an enhanced level of security. The new website URL: www.spiegel.cpa is a restricted domain, specific to licensed CPA firms and individuals. The American Institute of CPAs (AICPA) introduced the .cpa domain exclusively to its membership last fall. Spiegel …

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The IRS Child Tax Credit Opt Out Tool

The IRS began initiating payments on July 15 to those who qualify for a Child Tax Credit (CTC). Families and individuals who filed their 2019 or 2020 tax return and claimed child tax credit are automatically enrolled in the CTC program and eligible to receive payments for the rest of 2021. This advanced payment program …

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IRS to Issue Advanced Child Tax Credits

The American Rescue Plan Act (ARPA) of 2021 expands the Child Tax Credit (CTC) for the tax year 2021. Payments for the increased child tax credit will begin on July 15th.   Child Tax Credit Increase For the tax year 2021 only, families claiming the CTC will receive up to $3,000 per qualifying child between …

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IRS Pushes Tax Deadline

Taxpayers now have more time to compile their 2020 income taxes as the Internal Revenue Service (IRS) moves this year’s tax-filing deadline to May 17th, offering taxpayers and their accountants a huge sigh of relief. This move comes following many pleas from lawmakers and accountants to extend the deadline amid recent changes to U.S. tax …

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All About Gift Tax

When giving assets to a beneficiary, whether cash or property, the government may want to know about it and might even want to collect what the Internal Revenue Service (IRS) refers to as a gift tax. Fortunately, a large portion of some gifts or estate assets are excluded from taxation and there are numerous ways to …

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Cryptocurrency and Tax Law

The IRS has increased scrutiny on Bitcoin and other cryptocurrency transactions in its effort to make those aware who previously neglected to declare these forms of virtual investments. The first question on the 2020 tax year Form 1040 for individuals asks about virtual currency transactions. However, the degree to which the investment is taxed depends …

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Why File a Tax Extension

There are a variety of reasons for filing a tax extension; however, having an extra six months to complete the filing process would be at the top, particularly for the 2020 tax year. Aside from normal tweaks to tax laws, American taxpayers may need extra time to sift through the many changes made through the …

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Mortgage Lenders Look to Public Filing and SPACs

The mortgage industry was exceptionally lucrative in 2020 due to a surge in refinance loans triggered by historically low interest rates. Loan refinancing comprised over 50 percent of loan originations in 2020. According to data provider Black Knight, the mortgage industry originated more than $4.4 trillion in loans in 2020, about $300 billion more than …

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Highlights of 2020 Tax Changes & Updates

As the 2021 filing season rapidly approaches, here is a reminder of the federal tax law changes and updates that will affect individual 2020 income tax returns. For the tax year 2020, the tax rates are the same but there are some changes to the income brackets to account for inflation.   2020 Marginal Income …

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Employee Retention Credit

The recently signed stimulus package included considerable enhancements to the Employee Retention Credit (ERC). The new law, known as the Consolidated Appropriations Act (CAA) expands the ERC under the CARES Act that went into effect January 1, 2021, with the covered wage period extended until June 20, 2021. The new legislation is also retroactive to …

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Economic Recovery and Stimulus

President Donald Trump signed into law the Consolidated Appropriations Act, 2021 (“the Act”). The Act is made up of the Additional Coronavirus Response and Relief Act (ACRRA) and the Taxpayer Certainty and Disaster Relief Act of 2020. The approximately $900 billion of pandemic stimulus provides emergency relief for both individuals and businesses, and consists of …

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