Proposed Tax Policies of the Presidential Candidates: A Breakdown
When it comes to tax policies, Donald Trump and Joe Biden have two vastly different strategies. Donald Trump and the Republicans would like to preserve the Tax Cuts and Jobs Act (TCJA), which lowered tax rates for most income levels and doubled the standard deduction....
Qualified Small Business Stock (QSBS) Exemption
A non-corporate taxpayer generally can exclude up to 100% of gain realized from the sale or exchange of qualified small business stock held more than five years. Sounds interesting, but how do you determine if you are able to take the Qualified Small Business Stock...
Don’t Panic!
Over the past month, many of us, accountant and client alike, have received a notice from the IRS for underpayment of taxes related to a Form 1041 (U.S. Income Tax Return for Estates and Trusts) that was filed electronically with a balance due. If you filed your...
IRS Extends Due Dates for Outstanding Balances
Due to the COVID-19 pandemic, the IRS was unable to mail some previously printed balance due notices as a result of office closures. As IRS operations continue to reopen, these notices will be delivered to taxpayers in the next few weeks. Some of the notices may...
