Blog
New OSHA Guidance on Tracking COVID-19 at Work
Until recently, employers in only a handful of industries had to provide significant reporting on COVID-19 transmission in the workplace. But as of May 26, new Occupational Safety and Health Administration guidelines require a much wider range of employers to determine whether employees caught the coronavirus at work or while
Business Meal and Entertainment Deductions
Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. It’s unclear whether Congress would go along with
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) Summary
Businesses, employers, and SBA lenders have been waiting for further clarification and added relief regarding the SBA Paycheck Protection Program (PPP). The new Paycheck Protection Program Flexibility Act of 2020 (PPPFA) provides some of the much needed guidance. Here is a summary of the bill. These provisions are retroactive to
Businesses Modify Employee Sales Comp Models for Pandemic
Economists will look back on 2020 as a year with a distinct before and after. In early March, most companies’ sales projections looked a certain way. Just a few weeks later, those projections had changed significantly — and not for the better. Because of the novel coronavirus (COVID-19) pandemic, businesses
FASB Gives More Time for Updated Revenue Recognition and Leases
Private companies and most nonprofits were supposed to implement updated revenue recognition guidance in fiscal year 2019 and updated lease guidance in fiscal year 2021. In the midst of the novel coronavirus (COVID-19) crisis, the Financial Accounting Standards Board (FASB) has decided to give certain entities an extra year to
Spousal Lifetime Access Trust Can Provide Financial Backup Plan
Some of the most effective estate planning strategies involve setting up irrevocable trusts. For a trust to be deemed irrevocable, you, the grantor, lose all incidents of ownership of the trust’s assets. In other words, you’re effectively removing those assets from your taxable estate. But what if you’re uncomfortable placing
2021 Health Savings Account Contribution Amounts
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). The Basics of an HSA An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of
Can you deduct student loan interest on your tax return?
The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed in an administrative forbearance, which allows
Covid-19: DWC Offices Update & Serving You
Dear Clients & Friends, To coincide with Colorado and individual counties reopening with varying coronavirus safety requirements, our offices continue to integrate more staff into our work spaces while following health monitoring and sanitizing measures for maintained protection of employees, families, clients, and community. At this time, our offices will
IRA Contributions Deadline for 2019 is July 15
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you can