The tax basis reporting of capital accounts has been delayed to 2020. In Notice 2019-66, the IRS has announced that partnerships won’t be required to report partners’ shares of partnership capital on the tax basis method for tax years starting in calendar-year 2019, but will be required to use that method starting in 2020 for … Read More
If you think search engine optimization (SEO) is something only for-profit businesses need to worry about, think again. The Google rankings of your not-for-profit’s website can make a tremendous difference in the donations and other support you receive. Cracking Google metrics Google, of course, isn’t the only search engine on the Web. But it accounts … Read More
A reminder: Retirees born before July 1, 1949 usually must take required minimum distributions (RMDs) from their retirement plans by Dec. 31. Those who turned 70½ in 2019 (the onset age for RMDs) can wait until April 1, 2020, to take their first distributions. (The April 1 deadline only applies to the RMD for the … Read More
The IRS has launched a new and improved Tax Withholding Estimator, which it said is “designed to help workers target the refund they want by having the right amount of federal income tax taken out of their pay.” The revised online tool incorporates the changes from the redesigned Form W-4. If an adjustment is needed, … Read More
The Treasury Inspector General for Tax Administration’s “Semiannual Report to Congress: April 1, 2019 – September 30, 2019” notes that its Office of Audit completed 60 audits and its Office of Investigations completed almost 1,200 investigations in the second half of 2019. These efforts “have resulted in the recovery, protection and identification of monetary benefits … Read More
Technology has made it easier to work from home so lots of people now commute each morning to an office down the hall. However, just because you have a home office space doesn’t mean you can deduct expenses associated with it. Regularly and exclusively In order to be deductible for 2019 and 2020, you must … Read More
Taxpayers with outstanding tax debts may be subject to a levy on assets and income sources. A levy can be enforced through wage garnishment, by taking money in a bank account or other financial account, or by seizure of the taxpayer’s property. The IRS just issued an updated 2020 levy exemption table, which is used … Read More
The Tax Cuts and Jobs Act created a new program to encourage investment in economically distressed areas through generous tax incentives. The Qualified Opportunity Zone (QOZ) program relies on investments in Qualified Opportunity Funds (QOFs) — funds that can provide wealthy taxpayers with some new avenues for estate planning. 3 big tax benefits Investors in … Read More
The Treasury Inspector General for Tax Administration has released an audit addressing the IRS’s compliance with the Digital Accountability and Transparency Act (DATA). The DATA requires federal agencies to disclose direct expenditures and link federal contract, loan and grant spending information to federal agency programs. A review of 86 financial and award data sample transactions … Read More
The end of one year and the beginning of the next is a great opportunity for reflection and planning. You have 12 months to look back on and another 12 ahead to look forward to. Here are five ways to strengthen your business for the new year by doing a little of both: 1. Compare … Read More