The repercussions of the COVID-19 pandemic are unprecedented and have shaken up lives worldwide, particularly in the different organizations. It significantly impacted labor markets, economies, businesses, and worldwide supply networks, resulting in widespread organizational disruptions and financial difficulties as businesses struggled to fund essential operational expenditures. The government has responded to such market volatility and […]

    The Child Tax Credit originated during the Clinton administration, American Rescue Plan created a new version. There are changes to many aspects of the credit, so let’s look at each one below.   The Child Tax Credit as we know it originated during the Clinton administration, but the recently enacted American Rescue Plan […]

    The recently passed American Rescue Plan (ARP) Act of 2021 includes a provision making nearly all student loan forgiveness tax-free, at least temporarily. Before the ARP, student loan forgiveness was tax-free only under special programs. Before we look at the changes to come under the ARP, let’s look back at what the previous […]

While excise or vice taxes have long been a part of the American tax landscape related to alcohol and cigarettes, the recent invention of vaping and legalization of marijuana and other substances is changing the landscape. What Are Excise Taxes? Excise taxes are taxes on specific types of consumable products such as alcohol or tobacco […]

  The Social Security Administration recently announced 2021 increases to both benefits and the taxable wage base for FICA taxes. Increases Announced for 2021 Workers are facing a 3.7 percent increase in the taxable wage base subject to Social Security taxes, increasing the amount from $137,700 up to $142,800. This means high earners who make as […]

No surprise, but Americans are consuming and spending less since the coronavirus kicked in. Click here to learn more.

As the economic impact of COVID-19 lingers and an impending second wave is on everyone’s mind, Congress is already thinking of new legislation to stimulate the economy.