26 03, 2020

IRS answers questions regarding extension relief

Late Friday, the IRS issued a notice that automatically extends the payment and filing deadlines for Federal income tax returns and payments due 4/15/2020 to 7/15/2020. In FAQs posted on their website, the IRS answered many of the questions regarding the July 15 filing and payment extension announced in IRS Notice 2020-18. Note the following

25 03, 2020

Families First Coronavirus Response Act

U.S. Department of Labor issued new guidance: The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s (Department) Wage and Hour Division (WHD) administers and enforces the new law’s paid

19 03, 2020

Shared Work Programs – Coronavirus Crisis

With the uncertainty surrounding COVID-19, the Texas Workforce Commission will be offering Texas employers support to ensure that their employees are taken care of to the best of their abilities. With efforts to prevent layoffs and circumstances forcing businesses to cut employee hours, the Texas Workforce Commission has implemented Shared Work Programs. These programs

16 03, 2020

Firm response to Coronavirus (COVID-19)

Dear clients and friends, I sincerely hope that this email finds you, your colleagues and your family members healthy and safe. As Mangold Anker Phillips and our affiliates respond to both the viral threat of COVID-19 and its effects in the marketplace, one of our top priorities is the health and well-being of our

13 03, 2020

Do I Really Need That Tax Form 1095? Stop holding up your tax filing

Tax Form 1095 has been nothing but a headache since its introduction. This federally mandated form adds complexity, creates taxpayer confusion, and cost billions of dollars to produce. The purpose of the form is simple: to relay proof of your health insurance coverage, but too many taxpayers are now delaying filing tax returns while

5 03, 2020

Make the Most of Recent Retirement Rule Changes

Recent legislation makes changes to popular retirement savings plans like IRAs and 401(k)s. Here are the major changes and how you can benefit from the new rules. You now have until age 72 before you MUST take withdrawals from your retirement accounts. How to take advantage: Use these extra 18 months to create a

28 02, 2020

Elections. Elections. Elections.

Every year is an election year when it comes to making decisions on your annual income tax return. Here are four common examples that can create tax savings opportunities if you elect the correct option. Tax filing status. Typically, filing a joint tax return instead of filing separately is beneficial to a married couple,

13 02, 2020

The IRS Says “Gotcha!”

Late filing of S corporation and partnership returns can be costly: The last couple of years, the IRS has been penalizing late filers of S corporation and partnership tax returns. This despite the fact that late filing of the tax returns (Forms 1120S and 1065), due March 15th, often does not impact the receipt

7 02, 2020

New Rules Mean Saving More for Retirement

The Setting Every Community Up for Retirement Enhancement Act, also known as the SECURE Act, was passed by Congress in late December 2019. Here are some of the features in the new legislation that will help you save more for retirement: Money can continue to grow tax deferred If you turn 70½ in 2020