The IRS extends the federal income tax payment deadline
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
Read MoreExtension of Tax Payment Deadline Announced
Posted March 18, 2020 / No comments
Breaking News: In an afternoon press conference yesterday, Treasury Secretary Steven Mnuchin announced a plan to extend the April 15 tax payment deadline for individuals and many businesses by 90 days. You are still required to file your tax returns by April 15th unless you decided to extend your return. Official details have not been
Read MoreMessage to our valued clients and friends of the firm about COVID-19
Posted March 18, 2020 / No comments
To our valued clients and friends of the firm: Amid the rapid progression of the coronavirus (COVID-19) and the disruptions it has caused, Tighe, Kress & Orr, PC remains committed to providing highly responsive and exemplary service to our clients. In addition, safeguarding the health of our clients, our people, and the communities where we
Read MoreHouse passes bill to provide coronavirus relief; Senate expected to act this week
Posted March 17, 2020 / No comments
Several arms of the federal government have taken, or are weighing, significant steps to help the country deal with the spread of the coronavirus (COVID-19) and the implications for individuals and businesses. On March 14, the U.S. House of Representatives overwhelmingly passed a bipartisan 110-page bill that has received support from President Trump and, as
Read MoreDo you run your business from home? You might be eligible for home office deductions
Posted February 24, 2020 / No comments
If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. If you qualify, you can deduct the “direct expenses” of the home office. This includes the costs of painting or repairing the home office and depreciation deductions for furniture
Read MoreTake steps to curb power of attorney abuse
Posted February 14, 2020 / No comments
A financial power of attorney can be a valuable planning tool. The most common type is the durable power of attorney, which allows someone (the agent) to act on the behalf of another person (the principal) even if the person becomes mentally incompetent or otherwise incapacitated. It authorizes the agent to manage the principal’s investments,
Read MoreThe tax aspects of selling mutual fund shares
Posted February 11, 2020 / No comments
Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in mid-2017. But despite their popularity, the tax rules involved in selling mutual fund shares can be complex. Tax basics If you sell appreciated
Read MoreDo you want to go into business for yourself?
Posted February 10, 2020 / No comments
Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to limitations. The deduction
Read MoreThe SECURE Act likely to affect your retirement and estate plans
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
Read MoreThere still might be time to cut your tax bill with IRAs
Posted February 4, 2020 / No comments
If you’re getting ready to file your 2019 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the Wednesday, April 15, 2020, filing date and benefit from the
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