Surprise Nonpayment Notice? Mail Delays and Your Taxes
The IRS had up to 12 million pieces of unopened mail at one point this summer. That mail may have included your tax payment. And while that backlog is painstakingly sorted, you may have been shocked to receive a nonpayment notice along with threats of penalties and late fees. “If a taxpayer mailed a check […]
Eldercare and Your Taxes
As nursing homes and eldercare facilities have been in lockdown this year, you may have suddenly taken on primary caregiver responsibilities for a loved one. It’s a tough job and one that only becomes more daunting as the bills pile up. But there are some critical tax deductions you can take as a caregiver that […]
It Still Pays to Build Green
The COVID-19 pandemic has held up many construction projects, including those that develop renewable energy. For this reason, the U.S. Treasury Department and IRS have modified the beginning of construction requirement for both the production tax credit for renewable energy facilities and the investment tax credit for energy property. They’ve extended an important safe-harbor allowance […]
Feds Now Prosecuting PPP Loan Fraud
For those who received PPP money during the pandemic and misused it, the time of reckoning is already here. More than a dozen criminal cases have been filed across 11 states involving PPP loan misuse. As the Los Angeles Times reports, these first cases involve “blatant fraud” by small businesses and individual business owners, not […]
Law Firms: More Changes in Partnership Tax Forms Ahead
Have you seen the newly redesigned partnership tax form? The IRS would like taxpayer input on it before releasing it in 2021. According to the IRS, the proposed form is designed to provide greater clarity for partners on how to compute their U.S. income tax liability with respect to items of international tax relevance, including […]
IRS “Wealth Squad” to Audit Hundreds by October
The IRS is back to business, conducting new examinations of tax returns and enforcing collections. A top priority? It intends to audit hundreds of high-net-worth taxpayers by September 30, 2020. The audits will be conducted by the agency’s Global High Wealth Industry Group (GHW) of the Large Business & International (LB&I) Division. It involves a […]
Syndicated Conservation Easements Get Complicated
Designating conservation easements on property can be a great way to preserve land while gaining a valuable tax break. But the IRS is cracking down on abuses of this practice by partnerships and individuals who have invested in syndicated conservation easements. If you’re an investor who took tax deductions on donations of conservation easements through […]
Lose Money on a Vacation Rental This Year?
The coronavirus pandemic has forced many of us to consider our business succession and estate plans. No matter how successful you are or how well you take care of yourself, your financial situation and health are both surprisingly fragile and undeniably intertwined, two truths that have become more apparent in recent times. Click To View
Tax Changes for Property Improvements and Business Losses
Some long-awaited great news for commercial property and business owners: The CARES Act that was passed in response to the COVID-19 pandemic includes technical corrections and additional modifications to the 2017 Tax Cuts and Jobs Act. Click To View
Eldercare and Your Taxes
Have you suddenly become a caregiver for a family member as care facilities are in lockdown? Don’t forget the critical tax deductions that could be waiting for you. As nursing homes and eldercare facilities have been in lockdown this year, you may have suddenly taken on primary caregiver responsibilities for a loved one. It’s a […]