The IRS plans to issue most 2019 individual tax refunds by end of 2020. The IRS has updated its “IRS Operations During COVID-19: Mission critical” website to note that it has made significant progress in issuing refunds related to 2019 individual income tax returns. As of late November, the IRS had 7.1 million unprocessed individual … Read More
Unfortunately, many businesses have experienced problems with collections during the COVID-19 pandemic. Accounts receivable are a major item on most companies’ balance sheets. Slow-paying — or even nonpaying — customers or clients adversely affect cash flow. Proactive measures can help identify collections issues early and remedy them before they spiral out of control. Recognize the … Read More
Tax season is rolling up fast, and millions of Americans will be anticipating refunds. As always, the IRS cautions taxpayers not to rely on receiving a refund by a certain date, especially to pay a big bill or make a major purchase. Depending on the details, some returns require additional review and processing, as the … Read More
Taxpayers who owe certain debts may have their refunds reduced or even entirely taken by the federal government. Under the Treasury Offset Program, refunds can be seized to pay past-due federal tax, state income tax, state unemployment compensation debts, child support, spousal support or other federal nontax debts, such as student loans. If only part … Read More
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January … Read More
Taxpayers can claim a 100% business meal deduction in 2021 and 2022 when they buy the food from restaurants. Taxpayers can generally deduct the ordinary and necessary food and beverage expenses associated with operating a trade or business, including meals consumed by employees on work travel. Currently, the deduction is generally limited to 50% of … Read More
Happy New Year from our team to your family!
If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estimated tax payment deadline for individuals is Friday, January 15, 2021. Even if you do have some withholding from paychecks or payments you … Read More
A reduction in the medical expense deduction “floor” has been made permanent. The Consolidated Appropriations Act of 2021 was just passed by Congress to provide a variety of relief to Americans due to COVID-19. President Trump is expected to sign it soon. One provision involves medical expenses. Currently, for tax years beginning before Jan. 1, … Read More
When planning your estate, it’s critical to balance estate tax planning and income tax planning. The rub is that, currently, strategies for reducing estate taxes generally focus on removing assets from your estate, while strategies for reducing income taxes generally focus on including assets in it. Even if you have an estate plan in place … Read More