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…
Proposed Regulations Address Small Business Simplified Accounting Rules
The IRS has issued proposed regulations on the simplified tax accounting method rules for small-business taxpayers enacted by the Tax Cuts and Jobs Act (TCJA). For tax years beginning in…
IRS takes new steps to ensure people with children receive $500 Economic Impact Payments
The Internal Revenue Service continues to look for ways to help people who were unable to provide their information in time to receive Economic Impact Payments for their children. As…
Deadline to return distributions to retirement accounts is Aug. 31
Individual retirement account (IRA) owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year have until Aug. 31 to rollover or repay the distribution…
