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ALERTS AND ARTICLES
Stay up to date with the most recent industry news and what’s happening at Topel Forman
The power of the tax credit for buying an electric vehicle (February 3, 2021)
Although electric vehicles are a small percentage of the cars on the road today, they’re increasing in popularity. And if you buy one, you may be eligible for a federal tax break. The tax code provides a credit to purchasers of qualifying plug-in electric drive motor vehicles including passenger cars and light trucks. The credit is equal to $2,500 plus an additional amount, based on battery capacity, that can’t exceed $5,000. Therefore, the maximum credit is $7,500. There are a number of requirements to qualify and the credit may not be available because of a per-manufacturer cumulative sales limitation. (Tesla and GM vehicles are no longer eligible.) Contact us if you want more information.
Tax Alert: Additional Highlights from the Consolidated Appropriations Act (January 26, 2021)
This tax alert focuses on additional updates from the Consolidated Appropriations Act (CAA) that may be beneficial to you and your business.
Tax Alert: Payroll Protection Program 2 – A Second Bite at The Apple (January 14, 2021)
The Consolidated Appropriations Act allows qualifying businesses to take a second round of Payroll Protection Program (“PPP”) loans.
Tax Alert: Employee Retention Credit May Provide Benefits to Your Business (January 7, 2021)
The new Consolidated Appropriations Act updated the CARES Act to provide expanded benefit changes to the Employee Retention Credit (ERC).
Tax Alert: New Law Clarifies Tax Treatment of PPP Loan Forgiveness (December 30, 2021)
What does the new Consolidated Appropriations Act mean for the tax treatment of PPP loans for businesses and individuals?
Timing Considerations for Potential Gift and Estate Tax Legislative Reform under a Biden Administration (December 1, 2020)
Tax alert on the blog: When will the Biden Administration's tax reform be enacted, and on what date will that tax reform be applied?
Review of Biden’s Tax Proposals (November 12, 2020)
In this tax alert, we outline significant changes that could take place according to Biden's tax proposals.
What do the 2021 cost-of-living adjustment numbers mean for you? (November 3, 2020)
Consider these 2021 cost-of-living adjustments as you complete year-end tax planning and plan for next year.
Year-end tax planning strategies must take business turbulence into account (October 27, 2020)
As 2020 winds down, it’s time for businesses to take stock of their tax situations and implement year-end tax planning strategies.
Unusual year steers year-end tax strategies (October 21, 2020)
Interested in reducing your 2020 tax liability? There’s still time to take these 2020 year-end tax planning steps.
The 2021 “Social Security wage base” is increasing (October 19, 2020)
Employees pay Social Security tax on their wages up to the current tax year’s “wage base.” The Social Security Administration just announced the base amount for 2021.
What tax records can you throw away? (October 13, 2020)
Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you might not want to throw away your tax records.
No results found.
The power of the tax credit for buying an electric vehicle (February 3, 2021)
Although electric vehicles are a small percentage of the cars on the road today, they’re increasing in popularity. And if you buy one, you may be eligible for a federal tax break. The tax code provides a credit to purchasers of qualifying plug-in electric drive motor vehicles including passenger cars and light trucks. The credit is equal to $2,500 plus an additional amount, based on battery capacity, that can’t exceed $5,000. Therefore, the maximum credit is $7,500. There are a number of requirements to qualify and the credit may not be available because of a per-manufacturer cumulative sales limitation. (Tesla and GM vehicles are no longer eligible.) Contact us if you want more information.
Tax Alert: Additional Highlights from the Consolidated Appropriations Act (January 26, 2021)
This tax alert focuses on additional updates from the Consolidated Appropriations Act (CAA) that may be beneficial to you and your business.
Tax Alert: Payroll Protection Program 2 – A Second Bite at The Apple (January 14, 2021)
The Consolidated Appropriations Act allows qualifying businesses to take a second round of Payroll Protection Program (“PPP”) loans.
Tax Alert: Employee Retention Credit May Provide Benefits to Your Business (January 7, 2021)
The new Consolidated Appropriations Act updated the CARES Act to provide expanded benefit changes to the Employee Retention Credit (ERC).
Tax Alert: New Law Clarifies Tax Treatment of PPP Loan Forgiveness (December 30, 2021)
What does the new Consolidated Appropriations Act mean for the tax treatment of PPP loans for businesses and individuals?
Timing Considerations for Potential Gift and Estate Tax Legislative Reform under a Biden Administration (December 1, 2020)
Tax alert on the blog: When will the Biden Administration's tax reform be enacted, and on what date will that tax reform be applied?
Review of Biden’s Tax Proposals (November 12, 2020)
In this tax alert, we outline significant changes that could take place according to Biden's tax proposals.
What do the 2021 cost-of-living adjustment numbers mean for you? (November 3, 2020)
Consider these 2021 cost-of-living adjustments as you complete year-end tax planning and plan for next year.
Year-end tax planning strategies must take business turbulence into account (October 27, 2020)
As 2020 winds down, it’s time for businesses to take stock of their tax situations and implement year-end tax planning strategies.
Unusual year steers year-end tax strategies (October 21, 2020)
Interested in reducing your 2020 tax liability? There’s still time to take these 2020 year-end tax planning steps.
The 2021 “Social Security wage base” is increasing (October 19, 2020)
Employees pay Social Security tax on their wages up to the current tax year’s “wage base.” The Social Security Administration just announced the base amount for 2021.
What tax records can you throw away? (October 13, 2020)
Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you might not want to throw away your tax records.
No results found.
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