Main Menu

HoganWillig Blog

Posts in Tax Planning.
By Pia Perfetto on December 1, 2020

The U.S. Treasury Department and Internal Revenue Service (“IRS”) released guidance which reiterates and clarifies the tax treatment of expenses where a PPP loan has not been forgiven by the end of the year the loan was received. Taxpayers cannot claim a deduction for any deductible expense if the payment of the expense results in forgiveness of a PPP loan because the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) specifically excludes income associated with the loan forgiveness.

By Sarah DesJardins, CPA on November 21, 2019

An introduction to the world of taxes in the year of death

By Sarah DesJardins, CPA on November 14, 2019

An introduction to the world of taxes in the year of death.

By Sarah DesJardins, CPA on November 8, 2019

An introduction to the world of taxes in the year of death.

By Pia Perfetto on May 6, 2019

529 Plans Explained

A 529 is a tax-advantaged investment account which encourages individuals to save for future higher educational expenses. Named for Section 529 of the Internal Revenue Code, the investment account offers tax-free withdrawals and earnings growth when the funds are used to pay for qualified education costs. You are not limited to investing in the state where you reside—Any U.S. state’s 529 plan can be used to pay for future college expenses at any qualified college in the United States. According to the Wall Street Journal’s The 6 Biggest Questions About ‘529’ Plans, American families have invested approximately $329 billion in 529 plans, with about $24,153 existing in each account.

July 2, 2018

The Internet has transformed the national economy in recent years as America has gradually become a nation of online shoppers. E-commerce offers a number of appealing perks: low prices, stay-at-home convenience, a myriad of choices, and—until now—sales tax-free purchasing.

June 5, 2018

Federal tax law has a longstanding history of providing tax deductions for alimony, or spousal maintenance – a trend that was recently broken by the Trump administration. For court decrees and alimony agreements entered into after December 31, 2018, alimony payments are no longer deductible. Divorce agreements entered into on or before December 31, 2018 remain unaffected. However, the new tax legislation does not specifically refer to prenuptial agreements, so how the law affects such agreements remains unclear; there has been some growing concern that the new tax code will confound existing prenuptial agreements.

By Alexander Blood on June 6, 2017

Keep reading to learn about 529 Plans, a little-known option which may result in big tax savings


By Natalie Cappellazzo on April 9, 2014

Heading into April, tax season is now in full swing.  With the April 15th “Tax Day” due date quickly approaching, Americans filing their income taxes should be aware of increasingly-sophisticated scams.  Geared towards taxpayers eager to secure a large refund, the scammers employ a wide range of tricks to prey on individuals. 

April 3, 2014

On March 29, 2014, Gov. Andrew M. Cuomo and legislative leaders announced an agreement on New York State’s 2014-2015 budget which included several tax law changes.

RSS RSS Feed

Categories

Archives

Back to Page