Tax News

02 Nov 24

Benefits of Health Savings Accounts for Maximum Savings in 2025

Article Highlights: Medical Savings Account Retirement Account High-Deductible Plan Eligible Individuals Monetary Qualification for an HSA Qualification Chart Maximum Contributions Establishing an HSA Qualified Medical Expenses The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a…

01 Oct 20

ACTUALLY, A RECESSION IS A GREAT TIME TO LAUNCH THAT NEW STARTUP

It’s safe to say that there are a lot of people worried about an impending global recession thanks to the economic slowdown that the ongoing COVID-19 pandemic has brought with it – and your average entrepreneur and startup founder is chief among them. Obviously, it makes sense to assume that…

29 Sep 20

OCTOBER’S EXTENDED DUE DATE IS FAST APPROACHING

Article Highlights: October 15 extended due date for filing federal individual tax returns for 2019. Late-filing penalty. Interest on tax due. Other October 15 deadlines. Because of the COVID-19 pandemic emergency, the IRS postponed the original due date for filing 2019 returns to July 15, 2020. If you could not…

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

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

MISSING OUT ON THE EARNED INCOME TAX CREDIT?

Article Highlights: Earned Income Tax Credit Refundable Tax Credit Qualifications Special Rule for Military The EITC is for people who work but have lower incomes. If you qualify, it could be worth up to $6,660 in 2020, up from $6,557 in 2019, so you could pay less federal tax or…

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…

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…

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…

Benefits of Health Savings Accounts for Maximum Savings in 2025

ACTUALLY, A RECESSION IS A GREAT TIME TO LAUNCH THAT NEW STARTUP

OCTOBER’S EXTENDED DUE DATE IS FAST APPROACHING

IRS EXTENDS THE OPPORTUNITY TO DEFER CAPITAL GAINS

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

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

MISSING OUT ON THE EARNED INCOME TAX CREDIT?

WHAT PRESIDENT TRUMP’S EXECUTIVE ORDER MEANS FOR YOU

LOAN APPLICATION PERIOD FOR THE PAYCHECK PROTECTION PROGRAM EXTENDED

IRS Provides Additional 2020 RMD Rollover Relief

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