2 06, 2020

Using Losers to Make Winners

With the uncertainty in the marketplace, now is a good time to review the rules surrounding investment losses. This knowledge can really help minimize your tax obligation next year. This is because investment gains and income can be subject to a variety of federal tax rates as high as 37%. This, plus the 3.8%

28 05, 2020

Understanding the Home Gain Exclusion

One of the biggest tax benefits available today is the exclusion of gains when you sell your qualified home. Here is what you need to know. The tax benefit explained For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) in capital gains from the sale of your

20 05, 2020

SBA Releases Forgiveness Application Resulting in BIG Changes to PPP

On May 15, 2020, the release of the Paycheck Protection Program (PPP) Loan Forgiveness Application was announced by the Small Business Administration. The release of this application includes substantial changes to the calculation and tracking of the loan forgiveness.  Here are some highlights: Alternative Payroll Covered Period The PPP Loan Forgiveness Application offers the

14 05, 2020

Review IRA Beneficiaries Now

Lost in the media storm during the coronavirus pandemic is a law change enacted in late 2019 that eliminates an IRA withdrawal technique known as the stretch IRA. Here is what you need to know. Time to review beneficiaries While the chances of you having a severe reaction to the coronavirus are low, it

7 05, 2020

Key 2020 Coronavirus Tax Changes

Coronavirus uncertainty abounds. Thankfully, by monitoring tax changes on your behalf, we can work together to navigate the right path for you and your family. Here is a round-up of tax-related laws and information to help with tax planning for 2020. Early distribution penalty waivedThe 10% early distribution penalty on up to $100,000 of

5 05, 2020

Beware: COVID-19 Tax Scams are Here

The IRS is warning you to be on the lookout for a surge of calls and e-mail phishing attempts related to the coronavirus pandemic and the one-time economic impact payment. It can come in many forms The IRS says that scammers may do the following when trying to contact you: Emphasize the words stimulus

30 04, 2020

Tax Savvy Moves to Consider Now

Who would ever have foreseen a time when petroleum companies would pay you to take their oil? This phenomena underscores the concept that within every problem there is opportunity. Here are some tax strategies to think about during the coronavirus pandemic. Look into Roth rollovers If you have high balances in tax-deferred retirement accounts,

23 04, 2020

Get Your Money: Ensure You Receive a Stimulus Payment

The IRS recently announced the launch of web sites for non-tax filers to register to receive their economic impact payment and a new Get My Payment tool. Here is what you need to know. Background As a response to the coronavirus pandemic, the government is sending $1,200 to single taxpayers with income less than

21 04, 2020

CARES ACT Accounting Best Practices

As of 04/18/2020 PPP Loan Cash in Record the loan as long-term debt upon receipt Record the forgiveness upon funding as Other Income (consider creating a separate GL account to separate it from taxable Other Income) If you have opened a separate bank account, you will need to post the original entry to the

15 04, 2020

Key Coronavirus Tax Changes

In addition to filing delays and stimulus payments, the IRS is implementing many changes in response to the coronavirus pandemic. Here are some of the major topics that could affect you and your family. Early distribution penalty waived The 10% early distribution penalty on up to $100,000 of retirement withdrawals for coronavirus-related reasons is