Complications to the IRA-to-Charity Distribution Provision
Individuals are required to begin taking distributions from their IRA when they reach a certain age. That age was 70½ until Congress...
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Jul 29, 20214 min read
Tax Rules for Home Flippers
With mortgage interest rates low, flipping real estate appears to be on the rise. This activity is even the theme of several popular...
Feb 10, 20215 min read
These Tax Return Red Flags Could Catch the Eye of the IRS
Tax time can be one of the most hated times of the year. Just preparing the forms is enough to be an irritant, and if you owe the...
Feb 8, 20213 min read
7 Obscure or Overlooked Tax Deductions, Credits, and Benefits
Here are 7 issues you may not be aware of and that can save you tax dollars. If this makes your head spin reach out and we’ll help you...
Feb 6, 20215 min read
How Biden’s Rescue Plan Might Impact Your Taxes
President Biden released his “American Rescue Plan”. It is a wish list of proposals he wants Congress to enact to address the COVID-19...
Feb 5, 20212 min read
Don't throw away that Notice 1444
The IRS is mailing all recipients of Economic Impact Payments a Notice 1444 that provides information about the amount of their payment,...
Jan 22, 20211 min read
Solar (REEP) Tax Credit Phaseout
After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters,...
Jan 21, 20211 min read
PPP Simplified Loan Forgiveness
Congress passed, and President Trump signed, the Consolidated Appropriations Act, 2021. Included in its approximately 5,600 pages is a...
Jan 18, 20211 min read
Employer-Provided Educational Assistance through 2025
After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters,...
Jan 16, 20211 min read
Flexible Spending Arrangements Carryover
After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters,...
Jan 9, 20212 min read
Additional 2020 Recovery Rebates
An additional round of economic impact payments (EIPs) is included in the legislation but the amount is substantially less than the first...
Dec 11, 20201 min read
2020 phaseouts of tax provisions
The Tax Policy Center has an excellent article regarding phaseouts. As they explain, "preferences in the tax code phase out for...
Dec 9, 20201 min read
IRS denies blanket relief of tax penalties
The IRS’s response to the COVID-19 pandemic has included focused relief from tax penalties, but taxpayers and tax professionals should...
Dec 7, 20207 min read
Tax Issues to Consider for New Businesses
In spite of COVID-19 restrictions many entrepreneurs are considering possible new or additional business opportunities. So, if you are...
Dec 4, 20203 min read
Renting Your Home or Vacation Home for Short Periods
Many taxpayers rent out their first or second homes without considering tax consequences. Some of these rules can be beneficial, while...
Dec 4, 20207 min read
Preparing for 2021: Tax Planning Strategies for Small Business Owners
If you are a small business owner, every penny of your income counts. This means that you not only want to optimize your revenue, but...
Dec 3, 20206 min read
Year-End Financial Checklist: 4 Money Moves You Should Prioritize Now
If you can’t wait for 2020 to be over, you’re certainly not alone. But don’t let the myriad terrible things about the year distract you...
Nov 25, 20201 min read
Though IRS disallows deductibility of expenses with PPP loan proceeds, they also issue a safe harbor
Previously we shared that the IRS will disallow deductible expenses for businesses with PPP loans and to write your congressional...
Nov 24, 20201 min read
Small business owners influence congressional representatives
With the debate between Congress and IRS continuing, this an opportune time for small business owners to try to influence congressional...
Nov 23, 20201 min read
Congress battles with IRS regarding deductibility of forgiven PPP loans
In response to the IRS ruling on the deductibility of forgiven PPP loans, Congress recently made a joint statement saying the Treasury is...
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