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Monday, 15 April

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COVID-19 stimulus package offers relief to affected individual taxpayers

Timothy King

Posted By: Timothy King

Posted April 1, 2020 / No comments

To help mitigate the financial and health crises related to the coronavirus (COVID-19), on Friday, March 27, 2020, President Trump signed into law the largest economic relief package in modern U.S. history. The $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is intended to shore up the country on multiple fronts and

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CARES Act provides COVID-19 pandemic relief to businesses

Robert Tighe

Posted By: Robert Tighe

Posted March 30, 2020 / No comments

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) represents the third phase of Congress’s legislative efforts to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. In addition to providing relief to individuals and mustering forces to shore up the medical response, the CARES Act includes numerous provisions intended

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The IRS extends the federal income tax payment deadline

Posted By: Amanda Glasby

Posted March 19, 2020 / No comments

After U.S. Treasury Secretary Steven Mnuchin’s announcement that the deadline for paying federal income taxes would be extended, the IRS released guidance on March 18 outlining the details. IRS Notice 2020-17 follows up on President Trump’s Emergency Declaration that, among other things, instructed Mnuchin to provide relief from tax deadlines for taxpayers adversely affected by

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The SECURE Act likely to affect your retirement and estate plans

Keith Orr

Posted By: Keith Orr

Posted February 10, 2020 / No comments

In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should prompt careful review of your existing plans to ensure they’ll accomplish the desired outcomes, including

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Numerous tax limits affecting businesses have increased for 2020

Cynthia Petschke

Posted By: Cynthia Petschke

Posted January 27, 2020 / No comments

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900

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The SECURE Act changes the rules for employers on retirement plans

Keith Orr

Posted By: Keith Orr

Posted January 27, 2020 / No comments

The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden

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The U.S. Department of Labor finalizes the new overtime rule

Robert Tighe

Posted By: Robert Tighe

Posted January 15, 2020 / No comments

The U.S. Department of Labor (DOL) has released the finalized rule on overtime exemptions for white-collar workers under the Fair Labor Standards Act. The rule updates the standard salary levels for the first time since 2004. While it is expected to expand the pool of nonexempt workers by more than 1 million, it’s also more

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Factor 2020 cost-of-living adjustments into your year-end tax planning

Robert Tighe

Posted By: Robert Tighe

Posted January 9, 2020 / No comments

The IRS recently issued its 2020 cost-of-living adjustments. With inflation remaining largely in check, many amounts increased slightly, and some stayed at 2019 levels. As you implement 2019 year-end tax planning strategies, be sure to take these 2020 adjustments into account in your planning. Also, keep in mind that, under the Tax Cuts and Jobs

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IRS issues final QBI real estate safe harbor rules

Timothy King

Posted By: Timothy King

Posted January 8, 2020 / No comments

Earlier this year, the IRS published a proposed safe harbor giving owners of certain rental real estate interests the opportunity to take advantage of the qualified business income (QBI) deduction. The QBI write-off was created by the Tax Cuts and Jobs Act (TCJA) for pass-through entities. The IRS has now released final guidance (Revenue Procedure

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New law helps businesses make their employees’ retirement secure

Timothy King

Posted By: Timothy King

Posted January 8, 2020 / No comments

A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed

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