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Friday, 19 August

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Compare and contrast: How do the Republican and Democratic tax plans differ?

Robert Tighe

Posted By: Robert Tighe

Posted October 1, 2020 / No comments

With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences, President Donald Trump and former Vice President Joe Biden have widely divergent tax proposals. Their stances could have a

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Tax implications of working from home and collecting unemployment

Timothy King

Posted By: Timothy King

Posted September 15, 2020 / No comments

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told not to come into their workplaces due to the pandemic. If you’re an employee who “telecommutes” — that is, you work at

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2020 Q4 tax calendar: Key deadlines for businesses and other employers

Cynthia Petschke

Posted By: Cynthia Petschke

Posted September 14, 2020 / No comments

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. 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. Thursday,

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IRS guidance provides RMD rollover relief

Stephen Leazzo

Posted By: Stephen Leazzo

Posted July 2, 2020 / No comments

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the 10% early distribution penalty for CRDs

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Some people are required to return Economic Impact Payments that were sent erroneously

Timothy King

Posted By: Timothy King

Posted June 30, 2020 / No comments

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. The U.S. Government Accountability Office (GAO) reports that $269.3 billion of EIPs have

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Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill

Cynthia Petschke

Posted By: Cynthia Petschke

Posted June 29, 2020 / No comments

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Retroactive COVID-19 business relief The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier

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Seniors: Can you deduct Medicare premiums?

Timothy King

Posted By: Timothy King

Posted June 9, 2020 / No comments

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them. But there may be a silver lining: You may qualify

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Business meal deductions: The current rules amid proposed changes

Cynthia Petschke

Posted By: Cynthia Petschke

Posted June 1, 2020 / No comments

Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. It’s unclear whether Congress would go along with enhanced business meal and entertainment

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Carryover amount for Health FSAs has been increased

Robert Tighe

Posted By: Robert Tighe

Posted May 27, 2020 / No comments

The IRS recently increased the carryover limit for Health Flexible Spending Arrangements (FSAs) to an amount indexed for inflation. The agency also clarified the ability of a health plan to reimburse individual insurance policy premium expenses incurred before the beginning of the plan year for coverage provided during the plan year. Boosted maximum Under IRS

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IRS releases 2021 amounts for Health Savings Accounts

Cynthia Petschke

Posted By: Cynthia Petschke

Posted May 26, 2020 / No comments

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a

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