A Guide to Individual Retirement Arrangements
Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don’t know how IRAs help them save for retirement. People can set up an IRA with a…
Businesses can file cash transaction reports electronically and in batches
Businesses that receive cash transactions of more than $10,000 must report these payments to the IRS – it’s the law. Now businesses can batch file their cash reports; this is…
Taxpayer Planning: Disabled Persons
The tax code includes numerous benefits for individuals with disabilities, but you cannot take advantage of these benefits unless you know about them and understand how they might benefit you…
A tax checklist for newly married couples
Marriage changes a lot of things and taxes are on that list. Newlyweds should know how saying “I do” can affect their tax situation. Here’s a checklist of items from…
Treatment of Applicable Partnership Interests
The IRS has issued proposed regulations on the treatment for a partner that holds interest in a partnership that is transferred to or held by a taxpayer in connection with…
Guidance for Deferring Social Security Tax Withholding
Recently, the President issued a memorandum directing the Secretary of the Treasury to use his authority to defer the withholding, deposit, and payment of certain payroll tax obligations. Accordingly, the…
Transaction Planning: Sale of Residence
You may qualify to exclude from your income all or part of any gain from the sale of your main home. Your main home is the one in which you…
IRS Addresses Employee Payroll Tax Deferral
The IRS issued Notice 2020-65 that provides some needed guidance for employers wondering whether and how to comply with the employee payroll tax deferral described in the August 8, 2020 Presidential memorandum (often referred…
IRS Delays Due to COVID-19
The Internal Revenue Service (IRS) has been experiencing delays in opening mail delivered to the organization, which has created a slower response to tax refunds, or any other…
THE 2020 TAX PLANNING PARADOX – ACCELERATE INCOME TO LOWER YOUR TOTAL TAX LIABILITY
As 2020 winds down, it’s time to consider year-end planning. It’s an unusual year, with taxpayers experiencing losses due to the economic downturn and the possibility of higher income tax…
