On Wednesday evening, the Senate passed the latest version of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. If approved by the House of Representatives and made into legislation, the CARES Act will be set to provide over $2 trillion in COVID-19 relief in the form of small business loans, paycheck protection loan forgiveness, […]
The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor announced that small and midsize employers could begin to take advantage of two new refundable payroll tax credits, provided under the Families First Coronavirus Response Act signed on March 18, 2020, and effective April 1, 2020. These credits will reimburse businesses […]
On Tuesday, March 17, 2020, the United States Department of Treasury and the Internal Revenue Service announced that they will be providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. It is important to note that the filing deadline for tax returns remains April 15, 2020 and has not been […]
If you made large monetary gifts to your children, grandchildren, or other heirs, it is important that you determine whether you are required to file a 2019 gift tax return. Who must file? Generally, you must file a gift tax return for 2019 if, during the tax year, you made gifts: That exceeded the $15,000-per-recipient […]
The IRS opened the 2019 individual income tax return filing season this past January 27. Although it is typical that you may decide to file closer to the April 15 deadline (or you decide to file for an extension), you may want to consider filing your return as soon as you can this year. There […]
The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. Nevertheless, the small percentage of tax returns being chosen for audit will be of little consolation if yours happens to be one of them. Latest statistics Overall, just 0.59% of […]
Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we are frequently asked at this time of year. Question #1: What tax records can I throw away now? At a minimum, keep tax records related to your return […]
While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. 1. Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health […]
Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to shrink your 2018 tax bill by selling some investments ― you just need to carefully select which investments you sell. Try balancing gains and losses If you’ve sold investments at a gain this year, consider selling some losing […]
With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or […]