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UPDATES&INSIGHTS: TAX – March 2021

UPDATES&INSIGHTS:TAX is a HoganTaylor Tax practice publication designed to help you keep up with the latest tax issues impacting your organization.

In This Issue:

PPP Loans: One Year Later

About a year ago, the Paycheck Protection Program (PPP) was launched in response to the COVID-19 crisis. Business owners who took out such a loan are likely curious about the tax consequences, particularly for forgiven loans. This article provides pertinent information. A sidebar announces the launch of “second-draw” PPP loans. Read More

Have a Foreign Account? File an FBAR

In an increasingly global society, many taxpayers hold foreign accounts. This article explains the rules regarding who must file a Report of Foreign Bank and Financial Accounts (FBAR) with the government. Read More

Home’s Where a Tax Break Might Be

The interest that homeowners pay on their home mortgages may provide a tax break in the form of the mortgage interest deduction. However, a taxpayer must itemize deductions on his or her tax return and follow a few other rules. This article provides some details. Read More

Reconsidering your Personal Emergency Fund

When the COVID-19 pandemic first hit, many people’s emergency funds were suddenly put the test. Now, presumably with the benefit of some hindsight, the financially savvy might want to reconsider their approach to saving. This brief article discusses some key points to keep in mind. Read More