Resources

Cray Kaiser Employee Spotlight: Aaron McWilliams

In Cray Kaiser’s Employee Spotlight series, we highlight a member of the CK team. We couldn’t be more proud of the team we’ve grown and we’re excited for you to get to know them. This month we’re shining our spotlight on Aaron McWilliams.

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Don’t Miss an Opportunity for a Spousal IRA

One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation. Spousal IRAs are the exception to that rule and allow a non-working or low-earning spouse to contribute to his or her own IRA, otherwise known as a spousal IRA, as long as the spouse has adequate compensation.

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Is My Inheritance Taxable?

Are you asking yourself: is my inheritance taxable? This is a frequently misunderstood taxation issue, and the answer can be complicated. When someone passes away, all of their assets (their estate) will be subject to estate taxation, and whatever is left after paying the estate tax passes to the decedent’s beneficiaries.

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How to Obtain an Identity Protection PIN (IP PIN) in 2021

The IP PIN serves as the key to an individual’s tax account. Electronically filed returns that do not contain the correct IP PIN will be rejected, and paper returns will go through additional scrutiny for fraud. Effective now, anyone can request an IP PIN, it is no longer limited to victims of identity theft. Given the uptick in unemployment tax fraud, where thousands of social security numbers were compromised, now is the time to consider obtaining the IP PIN.

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Why You Should Hire a Tax Professional During the COVID-19 Pandemic

The pandemic will have lasting tax implications that many people may have not considered. For some, it can mean simply reporting income or expenses differently. For others, it may mean having to pay additional income taxes that had not been planned for. Regardless of your specific situation, this might be the year that you should hire a tax professional to help address tax complications due to COVID-19.

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Understanding the Revisions to the Employee Retention Credit in 2021

On December 27, 2020, President Trump signed a number of bills, including one that breathes new life into the Employee Retention Credit (ERC). While the headline was that employers receiving Payroll Protection Program (PPP) loans could now also claim the ERC, did you know the credit was significantly enhanced? Especially in 2021, we see the expanded credit as an incredible opportunity for employers.

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The Second Round of PPP Loans: What You Need to Know

On January 19, 2021 additional guidance was released to assist borrowers in applying for the second round of PPP loans. These loans became available based upon legislation passed by Congress and signed by President Trump in late December and included in the Consolidated Appropriations Act of 2021.

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How to Claim Your Missing Stimulus Check on Your 2020 Tax Return

One of the more tax-troubling issues this year has been the distribution of the Economic Impact Payments, also known as stimulus checks. These payments were meant to provide financial assistance to individuals and families struggling during the initial outbreak of the COVID-19 pandemic, but many people are reporting a missing stimulus check.

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The Meals and Entertainment Deductions for Tax Years 2020 and Beyond

The original regulations regarding the Meals and Entertainment deductions were part of the 2018 Tax Cuts and Jobs Act (TCJA). Companies and self-employed individuals have been subject to these rules since then; however, there was ambiguity regarding the rules over the past few years. Fortunately, the IRS recently published the final regulations regarding the changes to the Meals and Entertainment deductions under the TCJA.

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