By:  Daniel Harris As of and for the year ended December 31, 2020 there will be diversity in practice as it relates to the accounting treatment a for profit business elects to apply to forgivable loans received during 2020 under the Small Business Administration Paycheck Protection Program (PPP).  Although legally a PPP loan is considered […]

The 2021 tax filing season is here! When preparing your 2020 taxes returns, consider these last-minute ideas to lower last year’s federal income tax liability. 1. Contribute to a Traditional IRA If you’ve not yet made a deductible traditional IRA contribution for the 2020 tax year, you can still do so until April 15. Then […]

Tax credits are a powerful way to lower your federal income tax bill. It’s important to differentiate between tax credits and tax deductions. A credit usually provides greater tax savings than a deduction, because a credit reduces your tax bill dollar for dollar. A deduction reduces only the amount of income that’s subject to tax. […]

With more than a decade of diversified knowledge in HR, Katie has extensive hands-on experience leading HR initiatives including policy design, compensation, performance management, recruiting, compliance reporting, HR workflow development, training and development, and benefits administration. She assists R+R clients with recruiting and retaining quality staff and works closely with businesses in regards to their […]

By: Christopher Galakoutis, Reynolds & Rowella In a typical year, millions of people from around the world visit the US.  Many come as students and tourists, while others travel to the US to attend meetings, conferences and for other short-term business trips.  For the most part short stays in the US do not trigger US […]

Most peoplearen’t currently exposed to the federal estate tax – thanks to the generous unified federal estate and gift tax exemptions. However, there are still good reasons to review your estate plan and possibly update it to reflect the current federal estate and gift tax regime as well as life events. Plus, there’s always uncertainty about the future direction […]

By Pat Butler On August 8, 2020, President Trump signed an executive memorandum directing the U.S. Department of the Treasury to defer certain payroll tax obligations amid the ongoing COVID-19 pandemic. On August 28, 2020, the IRS published Notice 2020-65 (Notice) allowing employers to defer withholding the employee portion of Social Security tax from paychecks. […]