While festivities may be somewhat dampened this year due to the coronavirus, the holiday season seems to foster a spirit of giving. This year might be a good time to indulge the spirit, according to wealth planners. Right now is a very good time to gift. It’s a good idea to get any appreciation out of their potential estate and … Read More
End-of-Year Tax Strategies for Investors
Busy season for accountants also, unfortunately, coincides with end-of-year tax planning. As you’re working on this with your clients, here are a few investment strategies from that may delight and help your clients save money next year. It’s none too soon to review investment strategies that will keep money in your pocket and out of the IRS’s till, which is, … Read More
IRS Announces Taxpayer Relief Initiative
The IRS announced a new program, the Taxpayer Relief Initiative, to help taxpayers who are unable to pay their taxes because of the pandemic. Taxpayers who owe taxes and could not pay have always had options such as installment agreements and offers in compromise, but now they have more options. The highlights of the Taxpayer Relief Initiative, according to the … Read More
Form 1099-NEC Officially Replaces 1099-MISC for Reporting Payments to Nonemployees
In case you haven’t heard, there’s a new tax form on the block for business filers for the 2020 tax year. Form 1099-NEC, Nonemployee Compensation, will be used instead of Form 1099-MISC to report amounts paid by businesses to independent contractors and others who provide services. In actuality, the new Form 1099-NEC isn’t entirely “new.” It’s an updated version of … Read More
Emphasis on Divorce Negotiations: a message from a CPA
I would encourage anyone involved in a divorce to have their CPA involved in the divorce negotiations. Our recent article about the divorce process includes 8 tax factors to be considered. These are good factors to be aware of and they are seldom included in a divorce decree. It is important to have a CPA during tax negotiations because these … Read More
How working from home may change your taxes
A large percentage of the workforce is now working from home, and company offices may be a thing of the past. For companies that have gone remote, a new development of work-from-home is state tax nexus. Working in one municipality and living in another is nothing new. But now a large chunk of the workforce is working in one state … Read More
IRS UPDATE: 2nd QUARTERLY ESTIMATED TAX PAYMENT POSTPONED
On March 21, the IRS officially announced that it was extending the deadline for filing 2019 tax returns and paying any required tax from April 15 to July 15, along with the due date for the first quarterly installment of estimated tax for 2020. But it didn’t say anything about the second quarter, until now. The IRS is setting the … Read More