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Tax

IRS Extends Due Dates for Outstanding Balances

IRS Extends Due Dates for Outstanding Balances

Jun 25, 2020 | Tax

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...
Scheduling and Paying Taxes Electronically

Scheduling and Paying Taxes Electronically

Feb 14, 2020 | Tax

I just don’t seem to be writing as many checks as I used to.  And I don’t want the panic of being on vacation with no checkbook when my estimated taxes are due.  The solution that works for me is to schedule my estimated tax payments to come directly from my bank...
What You Need to Know About the SECURE Act

What You Need to Know About the SECURE Act

Feb 14, 2020 | Estate Planning, Retirement, Tax

Late last year, Congress passed bipartisan tax legislation that President Trump promptly signed into law on December 20, 2019.  The legislation included the “Setting Every Community Up for Retirement Enhancement (SECURE) Act”, which is mainly intended to expand...
Parking Tax Repealed for Non-Profits

Parking Tax Repealed for Non-Profits

Feb 14, 2020 | Non-Profit, Tax

On December 20, 2019, Congress repealed Section 512(a)(7), commonly referred to as the “parking tax”, imposed on fringe benefits of non-profit organizations pursuant to the 2017 Tax Act.  The provision required tax-exempt employers to increase their unrelated business...
Finally, a New W-4

Finally, a New W-4

Dec 23, 2019 | Business, Tax

The Tax Cuts and Jobs Act (TCJA) made significant changes in the way an individual’s tax liability would be computed, from changing the tax rates to eliminating the deduction for dependents. Many taxpayers were surprised at the disconnect between their withholding for...
The Tax Cuts & Jobs Act: What you need to know for 2019 taxes

The Tax Cuts & Jobs Act: What you need to know for 2019 taxes

Dec 23, 2019 | Tax

The Tax Cuts and Jobs Act was the most significant set of changes to the U.S. tax code in several decades. Most changes went into effect with the 2018 tax year. Here is what you need to know for the 2019 tax year filing: Standard deduction is as follows: Single...