HOW TO PROTECT YOURSELF AGAINST CORONAVIRUS-RELATED FRAUD
The global coronavirus pandemic has changed every single facet of our world – from the way we work to how we live our day-to-day lives – and we have been forced to quickly adjust to a new normal. Unfortunately, there are those …
WHAT LED TO CONGRESS EXTENDING THE PAYCHECK PROTECTION PROGRAM?
The economic uncertainty created in the outset of the Coronavirus pandemic was unprecedented, to say the least. This is a big part of the reason why, soon after the spread began, Congress took steps that were equally drastic – they passed the …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
