Have a Foreign Account? File an FBAR
Any U.S. person who has a financial interest in, or signature or other authority over, any foreign financial accounts must file a Report of Foreign Bank and Financial Accounts (FBAR) if the aggregate value of the foreign financial accounts exceeds $10,000 at any time...
American Rescue Plan Act of 2021: Congress Passes $1.9 Trillion Bill, Sends to President
Congress has passed and the President is expected to sign the American Rescue Plan Act of 2021. The bill largely includes extensions of enhanced unemployment relief, increased funding for COVID-19 testing and vaccination programs, aid to state and local governments,...
Home’s Where a Tax Break Might Be
If you own a home, the interest you pay on your home mortgage may provide a tax break in the form of the mortgage interest deduction. However, you must itemize deductions on your tax return and follow a few other rules. Acquisition Debt A personal interest deduction...
PPP Loans: One Year Later
About a year ago, the Paycheck Protection Program (PPP) was launched in response to the COVID-19 crisis. If your company took out such a loan, you’re likely curious about the tax consequences — particularly for loans that have been forgiven. Forgiveness Criteria An...