Tax Warrior Chronicles

By: Olivia M. Seneca, MBA

The Internal Revenue Service recently announced the release of Form 7202 for eligible self-employed individuals to claim sick and family leave tax credits under the Families First Coronavirus Response Act (FFCRA). Today we will discuss how qualified self-employed taxpayers can claim tax credits under FFCRA.

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: Updates #1, #2, #3, #4, #5, #6, #7,#8,#9,#10,#11,#12,#13, #14, #15, #16, #17, #18,

#19, #20, #21, #22

As the Paycheck Protection Program (PPP) saga continues, today we have a brief update on recent developments. Yesterday, the White House provided a fact sheet outlining proposed changes to the Paycheck Protection Program. While there are no specifics cited within the fact sheet, it does “explain” some of the processing delays associated with this round of PPP. The fact sheet also provides some insight into

By: Ashley Hampton, MPA, Keisha Price, CPA, MST, and Febby Sugianto, MBA

A 529 plan is a tax-advantaged educational savings plan that, if approached thoughtfully, can help reduce the overall burden of a family’s educational expenses. As with most savings vehicles, starting early and contributing consistently is a major factor of overall accumulation of value; however, there are other things to consider to maximize to benefits of 529 plans. Today, we will focus on six keys to unlocking the power of 529 plans.

By; Sam Battista

To protect the environment and combat climate change, Congress passed laws resulting in Internal Revenue Code Section 30D, which provides a tax credit for the purchase of qualified electric motor vehicles. Let's discuss what vehicles qualify and other important details about the Plug-in Electric Drive Motor Vehicle Credit. Aspiring Tesla owners should pay close attention.

By: Jenny Zhang, CPA, MT

Undoubtedly, 2020 was a difficult year for businesses due to the pandemic. Many sustained significant losses because of temporary closings or reduced sales. Today, we will focus on 2020 tax law changes related to business losses and how to best utilize those losses in your tax filings.

Among the many issues created by the pandemic, local income tax withholding in Pennsylvania caused administrative headaches for Pennsylvania employers over the last several months (as explained in our previous blog). In today’s blog, we will discuss the Philadelphia Wage Tax Refund process for 2020.

By: Ashley Hampton, MPA

2020 was an extraordinary and challenging year. In fact, a Stanford University study found that roughly 40 percent of the U.S. work force now works from home full time due to COVID-19. This has led many to question the effect this has on their taxes. Do you now qualify for the home office deduction? Did the CARES Act account for this wave of remote workers? Does my state follow the federal tax law? Continue reading to find your answers.

As guidance in this area is being released regularly, we recommend you read all of our blogs on this subject.  All the blogs in the Paycheck Protection Program series are here: Updates #1, #2, #3, #4, #5, #6, #7,#8,#9,#10,#11,#12,#13, #14, #15, #16, #17, #18,

#19, #20, #21, #22

Is it already February? The 2020 filing season is here and this year brings new challenges compared to other filing seasons. In PPP Update #19, we discussed the federal change to deductibility of expenses using Payroll Protection Program (PPP) funds, but what about states and localities? As we have become accustomed to, the PPP bares unique issues.

By: Elizabeth M. K. Witko, MAcc, MSF, and Robert N. Polans, CPA, MT, PFS

The tax impact of the Setting Every Community Up for Retirement Enhancement (SECURE) Act’s 10-year limited stretch can be a “keep you up at night” concern for individuals who have amassed substantial qualified retirement accounts. Often, these individuals have a substantial portion of their investment portfolios accumulating and growing in tax-deferred retirement accounts, and as a result of the SECURE Act, could be passing down a massive income tax liability to their heirs.

By: Irina Moyseyenko, CPA, MT

The recently passed legislation, the Consolidated Appropriations Act, 2021 (CAA), made changes to the Employee Retention Credit (ERC). This credit, created as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act in March 2020, provides a refundable payroll tax credit to businesses that were fully or partially shutdown in at least one quarter or had a significant drop in gross receipts in any quarter in 2020 as compared to 2019.  Today we will discuss how the CAA affected the ERC.