Blog

04 Aug 20

BIG TAX BREAKS FOR HIRING YOUR CHILDREN IN THE FAMILY BUSINESS

Article Highlights: Child Under the Age of 19 or a Student Under the Age of 24 Kiddie Tax Tax on a Child’s Earned Income Deduction for the Business Employment Taxes IRAs and Retirement Plans With jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to…

04 Aug 20

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.

03 Aug 20

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…

03 Aug 20

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…

18 Jul 20

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…

17 Jul 20

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…

16 Jul 20

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…

15 Jul 20

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…

14 Jul 20

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…

14 Jul 20

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…