Not your average tax and accounting firm.
October’s extended due date is just around the corner. Due to COVID-19, the IRS postponed the original deadline for filing 2019 returns to July 15, 2020. If you could not complete your 2019 tax return by July 15 and filed a request for additional time to file, that extension expires on October 15, 2020. Failing …
October’s Extended Due Date Is Approaching Quickly!Read More
Watch out for tax penalties! While most taxpayers don’t intentionally incur tax penalties, many who are penalized just aren’t aware of what those penalties are. Nor are they aware of the possible impact on their wallets. Watch this video to look at some of the more commonly encountered tax penalties and how to avoid them …
Is the Temporary Deferral of Employee Payroll Tax Worth It? At this time, there are still many questions… President Trump issued a Presidential Memorandum on August 8, 2020. This memorandum directs the Treasury Secretary to use his authority to defer the withholding, deposit and payment of employees’ portions of Social Security taxes from Sept 1 …
Is the Temporary Deferral of Employee Payroll Tax Worth It?Read More
Have you heard the recent good news? The IRS extended the opportunity to defer capital gains. Individuals can now defer both short- and long-term capital gains into Qualified Opportunity Zone Funds (QOFs). This is a part of the tax reform put into place a couple of years ago. The best thing about this is that …
September 1 – 2020 Fall and 2021 Individual Due Dates Tax Planning – Contact this office to schedule an appointment. September 10 – Report Tips to Employer If you are an employee working for tips, and you received more than $20 in tips during August, you must report those tips. Specifically, you are required to …
Don’t Forget the Deadlines! September 2020 Individual Due DatesRead More
The outcome of the November elections could have a significant impact on taxes for the wealthy. Therefore, if you find yourself in this demographic, you may want to strategize for potential tax increases. The COVID-19 pandemic has wreaked havoc on the economy, as the government’s tax revenues have declined while government spending has soared. Although …
Wealthy Taxpayers May Want to Strategize for Potential Tax IncreasesRead More
If you have paid the extra Medicare tax on wages/self-employment income, you may be able to claim a refund of those taxes. It all depends on when you filed that extra tax. In other words, you may need to file a protective claim before July 15, 2020 to ensure your right to that possible refund. …
We all look forward to receiving our tax refunds. But what if you were expecting a refund and it never arrived? It may be because you have outstanding federal or state debts—and not just tax-related debts. If the government is keeping your refund, take steps to learn why that is, and how to resolve it. …
If you missed the opportunity to apply for a Paycheck Protection Program (PPP) loan – you now have another chance! The Paycheck Protection Program has been extended, allowing you more time to file. Congress overwhelmingly voted to extend the application period for a PPP loan through August 8, 2020. This gives folks an additional 5½ …
Loan Application Period for The Paycheck Protection Program has been ExtendedRead More
