Federal Tax Deadline Extended to July 15
The Treasury Department and IRS have officially announced the federal income tax filing and payment due date is extended from April 15, 2020, to July 15, 2020. Included in this extension are all federal taxes that are usually due on April 15, which include annual individual income taxes, corporate taxes, fiduciary taxes and gift taxes, […]
Coronavirus Economic Relief Is on Its Way
The U.S. Senate unanimously passed an economic stimulus package by a vote of 96-0. Below is a brief summary of the bill, which the House of Representatives is expected to also pass. The bill offers about $2 trillion in economic relief for businesses and individuals in the following ways. For businesses, the bill: Provides loans […]
New IRS Tech Sniffs Out More Tax Criminals Than Ever Before
Think dealing in cryptocurrency or on the dark web will help you hide from the IRS? Assume the IRS is still relying on its old manual processes to flag returns? Think again. The IRS is getting technically savvier while, at the same time, increasing its already high conviction rate for those found guilty of tax […]
Tax-Free Education: A Study Guide
Going back to school? Want to help with a family member’s education expenses? Each one of these non-traditional learning routes can come with tax benefits. For your career: Ready to hit the books again? It’s a great way to upskill or refresh your expertise. There are several ways to fund these pursuits: You may be […]
Special Tax Considerations for Partnerships
The IRS is stepping up scrutiny of partnerships and is requesting more information concerning partnership arrangements going forward. For the most part, capital basis reporting requirements encompass the most significant changes, with the bulk of those being enforced beginning in the 2020 tax year. These changes affect how gains and losses for individual partners are […]
Are You Deducting It?
Running your own business? Small business deductions can really add up for entrepreneurs. And while many business owners are on top of deductions like meals and entertainment, mileage, and payroll taxes, dozens of other deductions can be overlooked. Don’t forget to log the following expenses for consideration when tax time rolls around… Click To View
Savvy Finance: Are You Deducting It?
Running your own business? Small business deductions can really add up for entrepreneurs. And while many business owners are on top of deductions like meals and entertainment, mileage, and payroll taxes, dozens of other deductions can be overlooked. Don’t forget to log the following expenses for consideration when tax time rolls around… Click To View