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…
Tax Benefits of Homeownership
Buying a home is the single most valuable investment most families make, and homeownership offers tax breaks that make it the foundation for your overall tax planning. The tax law…
Presidential Order Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster
On August 8, President Trump issued a memorandum to the Secretary of Treasury entitled “Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” The payroll tax deferral in…
Reminder – It Is Not Too Late to Qualify for the Tennessee Business Relief Program
[Note that this program is limited to smaller taxpayers and to businesses only in certain sectors. Before exploring the changes below, you can see the eligibility restrictions at https://www.tn.gov/revenue/tennessee-business-relief-program.html. Feel free…
Good Recordkeeping is an Essential Element of Tax Planning
Now is a good time for people to begin thinking about next year’s tax return. While it may seem early to be preparing for 2021, reviewing your recordkeeping now will…
Thieves are constantly coming up with ways to scam taxpayers
It is unfortunate, but tax scams tend to rise during tax season or during times of crisis. Scam artists are using the COVID-19 pandemic to try to steal money and…
