Tax News

09 Sep 20

IF YOU ARE FACING FORECLOSURE, HERE ARE TAX ISSUES YOU WILL CONFRONT

Article Highlights: Mortgage Forbearance Fannie Mae and Freddie Mac Penalty Free Pension Plan Withdrawals Cancellation of Debt Income As part of the CARES Act, Congress provided temporary relief for homeowners with federally backed mortgages who were financially impacted by COVID-19. For those unable to keep up with their home mortgage…

05 Sep 20

IS THE TEMPORARY DEFERRAL OF EMPLOYEE PAYROLL TAX WORTH IT?

Article Highlights Withholding of Social Security Tax Deferred IRS Guidance Employer Responsibility Unresolved Issues President Trump issued a Presidential Memorandum on August 8, 2020, that directs the Treasury Secretary to use his authority to defer the withholding, deposit and payment of employees’ portions of Social Security taxes from September 1…

05 Sep 20

ARE YOU PAYING TOO MUCH INTEREST ON YOUR HOME MORTGAGE?

Article Highlights: Lower Mortgage Interest Rates Refinancing Limits on Loan Terms Limit on Home Mortgage Debt Refinance Calculator Interest rates are currently at an all-time low, and it may be time for you to consider refinancing your existing home mortgage to take advantage of these lower rates. Doing so may…

04 Sep 20

IRS EXTENDS THE OPPORTUNITY TO DEFER CAPITAL GAINS

Article Highlights: Tax Benefits Investment Period Qualified Opportunity Zone Funds Qualified Opportunity Zones Deferral Period 10 Year Election As part of tax reform put into place a couple of years ago, individuals are able to defer both short- and long-term capital gains into what are referred to as Qualified Opportunity…

02 Sep 20

SEPTEMBER 2020 BUSINESS DUE DATES

September 15 – S Corporations File a 2019 calendar year income tax return (Form 1120-S) and pay any tax due. This due date applies only if you requested an automatic 6-month extension. Provide each shareholder with a copy of K-1 (Form 1120-S) or a substitute Schedule K-1. September 15 –…

02 Sep 20

INDIVIDUALS HAVE A NEW OPPORTUNITY TO RECEIVE $500 ECONOMIC IMPACT PAYMENTS FOR THEIR CHILDREN

Article Highlights: $500 Per Child Stimulus Payment Non-Filer Tool Those Who Have Already Used the Non-Filer Tool Those Who Haven’t Used Non-Filer Tool How Payment Will be Made Get My Payment Tool Non-Filers The Internal Revenue Service has announced it will reopen the registration period for federal beneficiaries with children…

02 Sep 20

HOW STATES ARE RESHAPING NEXUS LAWS FOR REMOTE EMPLOYEES DUE TO COVID-19

Ever since the coronavirus pandemic began impacting the United States, businesses around the country have responded by instituting work-from-home policies. While it is unclear how much longer the nation will be in the grips of the crisis, social distancing is likely to remain in place for many organizations. Some of…

02 Sep 20

WHAT ARE THE TAX PLANS OF THE MAJOR PARTIES’ PRESIDENTIAL CANDIDATES?

Article Highlights: Tax Issues Current Law Trump Proposals Biden Proposals As the November elections approach, you might want to know what the two front-running presidential candidates’ tax plans for the future are. The following is an overview of their positions, at least what is known now. However, the political and…

02 Sep 20

WHAT PRESIDENT TRUMP’S EXECUTIVE ORDER MEANS FOR YOU

We are still waiting for the dust to settle on what President Trump’s executive orders mean for taxpayers and business owners. There is a lot of talk about legal challenges and how Congress may react. But here is a summary of what we know now. Temporary Payroll Tax Relief – The…

22 Aug 20

IRS CANCELS STIMULUS CHECKS ISSUED TO DECEDENTS

Article Highlights: Stimulus Payments to Deceased Individuals Stop Payments Being Made on Checks Already Issued IRS Authority to Deny Stimulus Payments to Deceased Individuals History of Stimulus Payments IRS Q&A Dealing with Deceased Individuals and the Return of the Payments According to the recently updated IRS FAQ page, the Treasury…

IF YOU ARE FACING FORECLOSURE, HERE ARE TAX ISSUES YOU WILL CONFRONT

IS THE TEMPORARY DEFERRAL OF EMPLOYEE PAYROLL TAX WORTH IT?

ARE YOU PAYING TOO MUCH INTEREST ON YOUR HOME MORTGAGE?

IRS EXTENDS THE OPPORTUNITY TO DEFER CAPITAL GAINS

SEPTEMBER 2020 BUSINESS DUE DATES

INDIVIDUALS HAVE A NEW OPPORTUNITY TO RECEIVE $500 ECONOMIC IMPACT PAYMENTS FOR THEIR CHILDREN

HOW STATES ARE RESHAPING NEXUS LAWS FOR REMOTE EMPLOYEES DUE TO COVID-19

WHAT ARE THE TAX PLANS OF THE MAJOR PARTIES’ PRESIDENTIAL CANDIDATES?

WHAT PRESIDENT TRUMP’S EXECUTIVE ORDER MEANS FOR YOU

IRS CANCELS STIMULUS CHECKS ISSUED TO DECEDENTS

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