As a result of the Coronavirus Pandemic, Congress passed a number of laws to provide the economy and individuals with as much aid and flexibility as possible. In terms of IRAs, the CARES Act made it much easier to access saving without negative tax impacts. The Act states that distributions made from Jan. 1, 2020, through Dec. 30, 2020, from IRAs or workplace retirement plans to qualified individuals may be treated as coronavirus-related distributions. These distributions are

While March Madness brackets may be virtual, taxes on winnings are still real. Placing a bet of any kind (yes, even the office pool) is considered gambling. Any income earned from gambling whether that be $5 or $500 is considered taxable income and must be reported to the IRS. On the flip side, your gambling losses for the year are also deductible as long as they don’t exceed your winnings. When reporting your gambling winnings and losses you should keep accurate records incl

Discussing your estate plan with your child can be a unique opportunity to not only connect with them but to ensure that your wishes are fulfilled after you’re gone. This pandemic has shown us that being prepared in all aspects of life, especially estate planning, is necessary. The reality is that a large amount of wealth could be transferred to them at any moment, and being transparent with your plans makes for the smoothest transition. Many people create estate plans and au

Yes, you must report your cryptocurrency transactions on your 2020 tax return. The IRS seems to be more concerned with income and capital gain or loss that you may have acquired and less of how it came about and was disposed of. They have deemed bitcoin as property and not currency making it a capital asset and therefore taxed like stocks. The flip side to this is that while your account for capital gains, you can also deduct capital losses. Since owning a digital currency li

The Biden administration made changes to the pandemic aid program aiming to help the smallest of businesses, sole proprietors, and minority-owned firms. While the Paycheck Protection Program (PPP) has been helping small businesses and their employees since April of 2020, some of the smaller businesses have had trouble accessing these forgivable loans. For two weeks, starting Wednesday, February 24, the Small Business Administration will only accept PPP applications for firms