Now as part of the SECURE Act that was included in the Appropriations Act of 2020, and effective for tax years beginning in 2020, individuals who otherwise qualify can make traditional IRA contributions at any age.
Tax Blog
Congress Does Away with the Stretch IRA
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of U.S. …
Congress Extends Employers’ Hiring Tax Credit For Another Year
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes. This included extending employers hiring tax credit for an additional year. This article is one of a series of articles dealing with those changes and how they may affect you. Employers that hire …
Congress Extends Employers’ Hiring Tax Credit For Another YearRead More
An IRS Letter: Tax Scam Or Something You Need To Address?
Your taxes are full of sensitive information, from financial data to your Social Security number or tax ID number. Because of this, there are many scams out there where unsavory characters pretend to be the IRS. Due to the increasing sophitication of these tax scams, it can be difficult to tell if the IRS letter …
An IRS Letter: Tax Scam Or Something You Need To Address?Read More
Congress Adds More Uses For College Savings Plans (Sec 529 Plans)
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes. One of those changes is adding more uses for college savings plans. This article is one of a series dealing with those changes and how they may affect you. How College Savings Plans …
Congress Adds More Uses For College Savings Plans (Sec 529 Plans)Read More
New Twist Added To The IRA To Charity Provision
Explaining the new twist of the IRA to Charity provision is a bit challenging. Ever since 2006, individuals age 70½ or older have been able to transfer up to $100,000 annually from an IRA to a charity (as long as the charity qualifies). These transfers are referred to as qualified charitable distributions (QCDs). Here is …
March 2020 Individual Due Dates
March 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA taxes and income tax withholding …
March 2020 Business Due Dates
March 2 – Farmers and Fishermen File your 2019 income tax return (Form 1040 or 1040-SR) and pay any tax due. However, you have until April 15 to file if you paid your 2019 estimated tax by January 15, 2020. March 2 – Large Food and Beverage Establishment Employers File Form 8027, Employer’s Annual Information …
No Employees This Quarter? You Still May Need To File IRS Form 941
As an employer, you have lots of obligations when it comes to filing taxes. This includes the need to file IRS Form 941. Form 941 is the Employer’s Quarterly Federal Tax Return. This form needs to be turned in on the last day of each month following the end of a quarter. Sticking to the …
No Employees This Quarter? You Still May Need To File IRS Form 941Read More
