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IRS Update 01-25-2021

IRS Update 01-25-2021 The IRS shut down at the end of March due to the pandemic and “re-opened” in August. (This is the second time since the beginning of 2019 that the IRS has “shut down”).  When it opened back up, there were an estimated 30-40 million...

Miscellaneous Tax Changes 2020

Miscellaneous Tax Changes 2020 Charitable Contributions For 2020, you will be allowed to deduct up to $300 in charitable contributions on your tax return, even if you use the standard deduction.  Donation of goods will not count for this special deduction.  In 2021,...

Economic Impact Payments (Stimulus Payments)

Economic Impact Payments (Stimulus Payments) Round One. To combat the financial devastation wrought by the pandemic, the CARES Act (passed in the Spring of 2020) included stimulus payment paid directly to taxpayers.  The payments were up to $1200 for the Taxpayer and...

Special Rules for 2020 Retirement Distributions

Special Rules for 2020 Retirement Distributions Required Minimum Distributions Generally, a taxpayer who has reached the age of 72 or has inherited an IRA must take annual taxable distributions from his/her retirement account.  For 2020, The CARES Act waives the...

Payment Protection Program (PPP)

Payment Protection Program (PPP) Important Note: Marc Lewis & Associates is not an accounting firm. We do not have an in-depth knowledge of your business’s accounting system or its thoroughness. As such, we do not prepare PPP loan applications nor do we prepare...