Uncategorized

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…

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…

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…

09 Jul 20

The July 15th Deadline Is Fast Approaching, and it Isn’t Just for the 2019 Individual Tax Return

Article Highlights: Extensions Contributions to IRAs Estimated Tax Payments for the First Two Quarters of 2020 Individual Refund Claims for the 2016 Tax Year Foreign Account Reporting Requirements Due to the COVID-19 emergency, the IRS provided taxpayers with an automatic three-month extension to July 15 to file their 2019 tax…

07 Jul 20

Did You Overlook Something on a Prior Tax Return?

Article Highlights: Repercussions of Incorrect Tax Returns Filing Amended Returns Statute of Limitations for Refunds Potential of Audit It is not uncommon to discover that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already…

04 Feb 19

These red flags on your 2018 tax return could spark interest from the IRS

Even though the IRS may be just getting back on its feet after the partial government shutdown — with another one potentially in mid-February — don’t assume you can pull a fast one on your tax return this year. Because much of the agency’s systems are automated to spot certain…

08 Jan 19

IRS Confirms Tax Filing Season to Begin January 28

WASHINGTON ― Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the…