Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor and disability benefits. They don’t include supplemental security income payments, which aren’t taxable.
Social Security Benefits May Be Taxable Read More »
As the 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are due July 15, 2020. This postponement provided temporary tax relief in response to the COVID 19 pandemic.
July 15 Tax Payment Deadline Approaching Read More »
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes a technical correction that assigns a 15-year recovery period to qualified improvement property (QIP) placed in service after 2017. (Without the technical correction, a 39-year recovery period applied). Most post-2017 QIP retroactively qualifies for the bonus depreciation deduction. Any MACRS property with a recovery
CARES Act Gives Bonus Depreciation to QIP Read More »
Payments that businesses make to independent contractors and self-employed workers are not payroll expenses that qualify for Paycheck Protection Program (PPP) loans. However, independent contractors and sole proprietors themselves are small businesses that can qualify for the loans. PPP Loans Aim to Help Small Business Survive Coronavirus Pandemic The PPP is a Small Business Administration (SBA) program that
PPP Loans for Independent Contractors and Sole Proprietors Read More »
For retirees, one of the beneficial features of the Coronavirus Aid, Relief, and Economic Security (CARES) Act is the waiver of required minimum distributions (RMDs) for 2020, even if you are unaffected by the coronavirus. Retirees can avoid liquidating assets at low prices and can mitigate frightening drops in their account balances. Retirees need to
CARES Act – Required Minimum Distribution Waiver for 2020 Read More »
Taxpayers may now use a five-year carryback for net operating losses (NOLs) arising in tax years beginning in 2018, 2019, and 2020, compliments of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). In response, new IRS guidance: Extends the deadline for filing tentative refund claims for NOLs arising in 2018 tax years
Claim the Five-Year NOL Carryback Under the CARES Act Read More »
Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage
Coronavirus-related Paid Leave for Workers and Tax Credits for SMBs Read More »
Many people have already received their Economic Impact Payment, and many more will be getting them soon. Whether it’s already there or on the way, the payment brings questions from many people. Anyone who has questions can visit IRS.gov for updated FAQs about the Economic Impact Payment. Here are a few of the questions the
Economic Impact Payment FAQs Read More »
The SECURE Act as passed at the end of 2019 pushes back the beginning date for required minimum distributions (RMDs). It also replaces the life-expectancy distribution period for non-spouse designated beneficiaries with a 10-year distribution period.
SECURE Act – Required Minimum Distribution Changes Read More »
Deferring Capital Gain with QOF Investments QOF investments offer taxpayers immediate tax savings—but more importantly, they also offer potentially extraordinary savings to long-term investors.
Reporting QOF Investments Read More »