Sep 15, 2021 | Personal Finance, Tax
For years the IRS has issued Identity Protection PINS to proven victims of tax-related identity theft. The number is mailed to the taxpayer every year and is used to file all federal returns, both electronic and paper. This year the IRS will allow eligible taxpayers...
Jun 3, 2021 | Charitable Giving, News, Personal Finance, Retirement, Tax
Background The Pension Protection Act of 2006 first allowed taxpayers age 701/2 or older to make tax-free charitable donations directly from their IRAs. Technically, these taxpayers were allowed to exclude from gross income otherwise taxable distributions from their...
Feb 28, 2021 | Business Financial Consulting, Personal Finance
Come this July, I will have spent fifty years in the accounting profession with Capaldi Reynolds & Pelosi. Since my retirement in September of 2018, I have been serving as an advisor to the Firm. As we approach that time of year (tax filing season) when many...
Feb 28, 2021 | Personal Finance, Tax
Truly a relief in 2020, the federal government allocated $175 billion in payments to be distributed to providers of healthcare services and support through the Provider Relief Fund (PRF). Providers even received the Relief Fund Payments from Phase 1, the $30 Billion...
Feb 28, 2021 | Personal Finance, Tax
This year taxpayers may get an Economic Recovery Credit when they file their returns. Will you? There have been two rounds of stimulus checks sent to taxpayers. Those were based on tax returns filed for either 2018 or 2019, the last return filed by the taxpayer...
Feb 28, 2021 | Personal Finance, Tax
An installment sale can be a prudent tax strategy for someone who is selling property or an asset. In an installment sale, the seller receives at least one payment after the tax year in which the sale happened. Rather than receiving the total contract price for the...