covid19 economic relief bill
Government Announcement An Outline of the COVID-19 Economic Relief Bill in the USA

On December 23, 2020, a huge $900 billion COVID-19 relief bill was signed by the White House to help people adversely affected by the pandemic. Many American citizens, including unemployed people and small businesses, will get direct financial aid from this bill. It is combined with $1.4 trillion government funding packages that will be used

child tax credit scheme
tax All you need to know about the Child Tax Credit Scheme in the US

As parents, it is your utmost priority to duly look after your child’s needs. Most of you will agree that a ginormous chunk of your earnings goes after the necessities of your children. Do you also come into the league of such parents? It would be best if you then considered the Child Tax Credit.

tax preparation Deductibility of Political Contributions and Other Charitable Deductions for Income Tax Purposes in the US in 2020

The Presidential elections were held recently in November 2020 in the United States. The election season is the time for aggressive campaigning and advertising. During these times, parties pool in money for meeting their huge outlays. A considerable chunk of the citizens in the United States grant monetary help as political contributions to the different

tax preparation services
tax An insight into the Individual Retirement Accounts in the US

What is the meaning of an Individual Retirement Account (IRA)? The IRA, short for ‘individual retirement account,’ is a tax-advantaged investing tool that individuals use to reserve retirement savings funds. There are different types of IRAs. Traditional IRAs Roth IRAs SEP IRAs SIMPLE IRAs Individual taxpayers can establish either Roth or traditional IRAs, while self-employed

accounts receivable management
accounting Why is Accounts Receivable Management Important?

Due to the ongoing pandemic, the foremost importance should be given to any organization’s cash flow management, whether small or big. Every business should find the most effective ways to manage their accounts receivable so that the receivables in their Balance Sheet gets converted to cash at the earliest. It is where accounts receivable management

Section 199A Qualified Business Income Deduction
tax Understanding Section 199A Qualified Business Income Deduction

The TCJA, also known as the Tax Cuts and Jobs Act, came into being on December 22, 2017. It reduced the tax rate for C corporations from 35 percent to 21 percent while increasing the tax liability pressure on the owners of pass-through entities (S corporations, Sole proprietors, and partnerships). They now had to pay

PPP loan funds
Government Announcement Expenses Using PPP Loan Funds To Deduct, Or Not To Deduct, That Is The Question

Yes, the title of this article might sound similar to the most widely known phrase from William Shakespeare’s play Hamlet. And it is rightly so, because this is one of the most discussed question since quite some time. The Internal Revenue Service (IRS) has taken a viewpoint which denies deduction of expenses related to the

tax outsourcing services
tax An Overview of the Recovery Rebate Credit 2021

What is Recovery Rebate Credit 2021? An act called CARES (Coronavirus Aid, Relief, and Economic Security) was passed in March 2020, giving financial aid to people who made less than $75,000 or couples who made $150,000 or less. This act provided people with financial assistance like the Economic impact payment or Recovery rebate credit. The

outsourced accounting services
accounting Outsourced Accounting Services Next Step Towards Successful Growth

Business enterprises have to outsource some of their tasks as “wearing many different hats” is neither profitable nor necessary. It is always favorable if some important but tedious tasks are outsourced and done by only the professionals. One such chore is accounting. Accounting is an critical part of running a business, and it is supposed

outsourced accounting services
Government Announcement Necessary Tax Compliances for Accidental Americans

Emigration from the United States is quite a complex process. The emigrants or the emigrants’ children can be subject to US tax liabilities even if they have never set foot in the US. As we know, the United States stands amidst the very few countries in the world that use “citizenship-based taxation” rather than a

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