John DePasquale CPA

Couples who are married on the last day of the tax year basically have two filing status options when filing their tax returns: either married filing jointly (MFJ) or married filing separately (MFS) returns. MFS filing can result in some unpleasant surprises.

The recently passed American Rescue Plan provides a 100% subsidy for COBRA premiums of eligible individuals who receive involuntary termination or reduction of hours and are not eligible for other group coverage or Medicare. Watch this video for more details.

Get ready for the week: John DePasquale CPA has motivation for your Monday.

End of week #SmallBizStat from John DePasquale CPA

Here is a fun fact for your Friday from John DePasquale CPA.

As a reminder to those who have not yet filed their 2020 tax returns, May 17, is the due date to either file a return (and pay the taxes owed) or file for an automatic extension (and pay an estimate of the taxes owed).

Here's your tax fact of the week from your friends at John DePasquale CPA.

Mom and pop businesses with fewer than 20 employees are given a 2-week exclusive application period for PPP Loans.

Tap into your full potential. Wednesday Wisdom from John DePasquale CPA

Money raised from online crowdfunding sites for purposes other than business is generally treated as a nontaxable gift if the contribution is made with detached generosity, but this can raise some unexpected gift tax issues. Raising money for business endeavors is generally governed by the U.S. Securities and Exchange Commission Rules, and the tax issues depend on what the contributor receives in return.

It's go time! Stevenson Ranch based John DePasquale CPA has some motivation for you today.

Congress put a halt on the RMD for the traditional IRA in 2020 in response to the Pandemic. However, the RMD will be resumed in 2021 and subsequent years.