The COVID-19 pandemic has impacted nearly every facet of life — including our relationships. Some reports indicated the stress of the crisis, combined with people’s close and constant contact with their spouse might be to blame for some recent divorces. A divorce is a stressful and complicated issue. The emotional toll it takes can oftentimes  Continue Reading »

The fast spreading COVID-19 pandemic has forced the closure of many nonessential businesses — threatening the livelihoods of numerous small businesses here in Maine as well as the people they employed. In response to the economic and health impact of this pandemic, Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In  Continue Reading »

There are a number of important tax changes for individuals and businesses in the Tax Cuts and Jobs Act (TCJA). It can be hard to keep track of which changes are permanent and which are scheduled to expire at the end of 2025 without Congress extending them. Here is a cheat sheet of which changes  Continue Reading »

The Tax Cuts and Jobs Act (TCJA) may have interfered in some of your summer plans by scaling back or eliminating certain tax breaks. But individuals and small business owners in Maine still have lots of opportunities to save on their taxes. Check out these six ideas for this summer. Host an Employee Outing Under  Continue Reading »

The deadline to begin using the 2018 federal income tax withholding tables, which reflect changes made by the Tax Cuts and Jobs Act (TCJA) was February 15, 2018. Although most Maine employers had no problems meeting the deadline, many employees question how the TCJA will affect them. Those are findings of a recent American Payroll Association  Continue Reading »

Although there are legitimate reasons for some Maine business entities to choose a partnership structure, partnership status may be undesirable for certain activities involving more than one co-owner. Here are some tax-related reasons to avoid partnership status for your business: Tax elections. If a partnership exists, certain tax elections must be made at the partnership level  Continue Reading »

You may be considered part of the “sharing economy” (also known as the Gig or on-demand economy) in Maine if you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand. Participation in this emerging method of distributing services can be a  Continue Reading »

Now that both major political party conventions are finally behind us, it’s time to focus on the upcoming national election. Among their many differences, the Republicans and Democrats have widely divergent tax platforms. It’s good to know what tax positions the two parties and their presidential candidates have staked out even though platforms are always relatively  Continue Reading »

Even though few people in Maine enjoy giving money to the IRS, some types of taxes are viewed more unfavorably than others. Here are three worthy candidates contending for the title of most-hated tax. Penalty Tax on Individuals without Health Insurance The Affordable Care Act (ACA) imposes a penalty on individuals who fail to have so-called  Continue Reading »

A sneak preview of proposed modifications to the rules governing overtime was provided last year, but a change has been coming for two years. On May 18, the Department of Labor (DOL) came out with its new final rules, which take effect on December 1, 2016. The rules will significantly raise the salary level used  Continue Reading »