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Corporate Tax Return Prep

Corporate Tax Return Prep

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Archives for April 2021

Uncle Sam May Pick Up the Cost of Your COBRA Medical Coverage

April 21, 2021 by Alex Franch, BS EA

The recently passed American Rescue Plan Act (ARPA) includes a provision for the federal government to pick up the cost of COBRA health coverage for employees’ involuntary termination of their employment or reduction of hours subject to certain qualifications. What is COBRA? COBRA is the acronym for Consolidated Omnibus Budget Reconciliation Act, which was passed […]

Filed Under: Health Benefits Tagged With: ARPA, COBRA, health insurance

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Tax Court Decision Holds Potential Impact for Travel Deductions

April 8, 2021 by Alex Franch, BS EA

There are many professions that require taxpayers to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by the Tax Court – Soboyede, TC Summary Opinion 2021-3, 1/26/21 – has apparently established a new standard for what the IRS is […]

Filed Under: Business Expense, Tax Changes, Tax Problems Tagged With: business and personal travel, travel

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