May 2020

Do you have tax questions related to COVID-19? Here are some answers

(CARES ACT), COVID-19, Deductions, Employees, Internal Revenue Service (IRS), IRA, Unemployment / Douglas Freeman

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules that govern whether you can […]

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The CARES Act liberalizes net operating losses

(CARES ACT), Coronavirus Aid (CARES Act), COVID-19, Deductions, Net Operating Loss (NOL), Tax Cuts and Job Acts (TCJA), Tax Savings / Douglas Freeman

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief from the novel coronavirus (COVID-19) crisis. NOL deductions. Basically, you may be able to

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