Failure to File: Covid-19 Update

Due to Covid-19, the IRS extended the tax return filing and payment deadline to July 15, 2020.  If you are unable to file your return by this date, you may request an extension which will give you until October 15, 2020 to submit your tax return.  However,

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Inherited IRAs and the SECURE Act of 2019

At the end of 2019, the SECURE Act (Setting Every Community Up for Retirement Enhancement Act) was signed into law, modifying required minimum distribution (RMD) rules for inherited IRAs and retirement accounts. Under the SECURE Act, inherited IRAs and retirement accounts must be distributed and taxed within

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Paycheck Protection Loan Forgiveness

When the CARES Act was signed into law, it created the Paycheck Protection Program (PPP), which is a new loan designed to help small businesses pay employee wages and other critical expenses.  Proceeds from this loan can be forgiven if certain criteria are met. Once the PPP

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Advance Payments of Employer Credits Due to COVID-19

In conjunction with the CARES Act, the IRS has released form 7200, Advance Payment of Employer Credits Due to COVID-19, which allows eligible businesses to claim an advance of refundable tax credits used to help cover the cost of keeping employees on payroll, even if they’ve been

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How the New Tax Law, CARES, Impacts Individuals

IRS and Congress have given individuals a number of ways to build up their cash reserves and/or pay less in taxes. Here are a few opportunities for taxpayers. Stimulus checks from the IRS Many of you received stimulus checks in the last month as a result of

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Options for the Business Owner During COVID-19 Pandemic

Many businesses are expected to see significant revenue losses due to COVID-19 and many individuals and business owners are overwhelmed with the choices of what they should do.  In addition to considering Disaster Loan Assistance (EIDL) through the SBA and the Paycheck Protection Program through your bank,

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Inherited IRAs and the SECURE Act of 2019

At the end of 2019, the SECURE Act (Setting Every Community Up for Retirement Enhancement Act) was signed into law, modifying RMD (required minimum distribution) rules for inherited IRAs and retirement accounts. Under the SECURE Act, inherited IRAs and retirement accounts must be distributed and taxed within

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The New W-4 Form

At the beginning of the 2020 year, the IRS debuted a revised version of the W-4 form, with the intent of determining an employee’s federal tax withholding with greater accuracy. Tips for Completing the New Form All new employees, as well as existing employees who want to

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Why Getting a Tax Refund Is Not Necessarily Good

Everyone loves getting a tax refund, right?  Not us! We’ll explain why; but first let’s cover some basics about filing deadlines and refund timing. Preparing, Filing and Acceptance of Returns There are several steps your tax professional goes through with your return. Here is a very rough,

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Stock Compensation Plans

If you are one of the rising number of employees receiving some form of stock compensation through your job, you know how confusing it can be to understand how each type works and the varying tax considerations you need to be aware of.  Here’s a quick description

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