IRS Guidance Provides RMD Rollover Relief

July 6, 2020

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…

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    Haven’t Filed Your 2019 Business Tax Return Yet? There May be Ways to Chip Away at Your Bill

    June 29, 2020

    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…

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      If You’re Selling Your Home, Don’t Forget About Taxes

      June 22, 2020

      Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. The National Association of Realtors (NAR) reports that existing home sales in April decreased year-over-year, 17.2% from a year ago. One bit of…

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        Good Records Are The Key to Tax Deductions and Trouble-free IRS Audits

        June 15, 2020

        If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to…

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          PPP Borrowers Get Concessions, Additional Guidance on Forgiveness

          June 8, 2020

          The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law follows the May 22, 2020,…

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