VIDEO: IRS EXTENDED THE DEADLINE TO RETURN YOUR 2020 RMD
You have until 8/31/2020 to take advantage of the suspension of Required Minimum Distributions (RMDs) from retirement accounts. Learn more in this video.
EMPLOYERS, DON’T MISS OUT ON THE WORK OPPORTUNITY CREDIT
Article Highlights: Potential Credit Eligible Employees Credit Determination Certification Process Other Issues The Taxpayer Certainty and Disaster Tax Relief Act of 2019 extended the Work Opportunity Tax Credit (WOTC) allowing employers who are willing to help disadvantaged individuals to benefit from a substantial federal tax credit. The WOTC is typically…
LOAN APPLICATION PERIOD FOR THE PAYCHECK PROTECTION PROGRAM EXTENDED
Article Highlights: Loan Application Period Extended Paycheck Protection Program Qualifying Expenses Loan Forgiveness If you missed the opportunity to apply for a Paycheck Protection Program (PPP) loan before the program expired at the end of June, Congress extended the application period for a PPP loan through August 8, 2020. Although…
WEALTHY TAXPAYERS MAY WANT TO STRATEGIZE FOR POTENTIAL TAX INCREASES
Article Highlights: Skyrocketing Government Spending Federal and State Deficits Tax Increases in Our Future Tax Strategies The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19 pandemic has wreaked havoc on the economy, as the government’s tax revenues have declined while government…
GOVERNMENT KEEPING YOUR REFUND?
Article Highlights: Bureau of the Fiscal Service Allowable Refund Offsets Disputing an Offset Injured Spouse Claim We all look forward to receiving our tax refunds, but what if you were expecting a refund and it never arrived? It may be because you have outstanding federal or state debts—and not just…
IF YOU ARE RECEIVING MEDICAID WAIVER PAYMENTS, YOU SHOULD READ THIS
Article Highlights: What are Medicaid Waiver Payments? IRS Ruled Them to be Non-Taxable Taxpayer-Favorable Tax Court Case Tax Credits Amended Returns Medicaid waiver payments are a type of payment from a state to an individual to take care of another individual who would otherwise be institutionalized, saving the government the…
IRS Provides Additional 2020 RMD Rollover Relief
Article Highlights: CARES Act Waiver of RMDs 60-Day Rollover Period Extension Further Rollover Relief RMDs in General Effect of Withholding on RMD Rollover One IRA Rollover per 12 Months Rule The CARES Act waived required minimum distributions (RMDs) from IRAs and employer plans such as 401(k)s for 2020. However, the…
COVID-19 RESOURCE GUIDE: TAXPAYERS & SMALL BUSINESSES
During the coronavirus pandemic, it’s our goal to continue supporting the health, safety, and prosperity of our clients in any way we can. In this post, we’ve compiled some key resources for taxpayers and small business owners trying to stay up to date on the latest accurate information from trusted…
YOU MAY NEED A PROTECTIVE CLAIM BEFORE JULY 15
Article Highlights: Pending Supreme Court Case Past ACA Taxes May be Invalidated Who May be Impacted by the Court Ruling 2016 Tax Statute of Limitations Protective Claim for 2016 Refund Taxpayers who in the last few years have paid the extra 0.9% Medicare tax on wages or self-employment income, or…
Don’t Throw Away That Notice 1444
Article Highlights: Notice 1444 You May Qualify for Additional Credit on the 2020 Return Tax Records The IRS is mailing all recipients of Economic Impact Payments a Notice 1444 that provides information about the amount of their payment, how the payment was made and how to report any payment that…