Tax News

  • IRS TEMPORARILY SUSPENDS ENFORCEMENT ACTIVITY UNTIL JULY 15, 2020

    The IRS unveiled its “People First Initiative” on March 25, 2020, which provides immediate relief provisions for taxpayers due to the recent COVID-19 pandemic: Installment payments. For taxpayers with an existing installment agreement, the IRS is suspending installment payments during the suspension period. Furthermore, the IRS will not default any installment agreements during the suspension […]

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  • SENATE PASSES MASSIVE BAILOUT FOR INDIVIDUALS AND BUSINESSES

    This week, the Senate passed the CARES Act, which provides widespread economic relief due to the economic destruction caused by the COVID-19 outbreak. The main provisions of the bill are listed below: One-time rebate checks equal to $1,200 per adult and $500 per child for those with adjusted gross income (AGI) below $75,000 (single) and […]

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  • Department of Labor

    Yesterday the Department of Labor published the attached fact sheet and Q&A that explains in layman’s terms the new required sick and leave pay laws and refundable tax credits. We also expect a bill to be enacted this week providing even further relief, including tax credits for individuals, deferral of 50% of payroll taxes for […]

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  • COVID tax

    On Wednesday March 18, 2020 the IRS published Notice 2020-17 which clarifies that all income tax payments due on April 15, 2020 for any person, including estates, trusts, corporations, exempt organizations, etc.) are extended to July 15, 2020 without penalties or interest. Returns, however, must be filed on time. Note that only the first quarter […]

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  • AICPA Calls for Tax Relief for Individuals and Businesses Amid Coronavirus Pandemic

    WASHINGTON, DC, March 11, 2020 – The American Institute of CPAs (AICPA) today called for the Treasury Department and the IRS to consider the following recommendations to provide relief to millions of individuals and businesses: Individuals and Businesses Extend filing deadlines on or after March 15, 2020 and before October 15, 2020 to give individuals […]

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  • IRS Visits to High-Income Non-Filing Taxpayers

    The Internal Revenue Service (IRS) announced on February 19, 2020 that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns. See IR-2020-34 Following the recent and ongoing hiring of additional enforcement personnel, IRS revenue officers across the country will […]

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  • 2019 YEAR-END TAX PLANNING

    Planning Strategies and Techniques Available Through End of Year Over 2018 and 2019, tax professionals have been grappling with the new landscape of taxation under the Tax Cuts and Jobs Act. Laptop batteries have drained, reams of paper have been used, and eyes have gone dry all across the country in researching ways to help […]

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  • YEAR-END BUSINESS STRATEGIES

    Qualified Business Income DeductionOne of the biggest changes from the Tax Cuts and Jobs Act was the allowance of a 20-percent deduction of qualified business income for owners of sole proprietorships and passthrough entities. This is the qualified business income deduction, and it can apply very generally to most types of businesses, but there are […]

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  • WITHHOLDING AND PENALTIES

    Estimated Tax Penalty The tax filing season in 2019 was the first be impacted by the Tax Cuts and Jobs Act. As the filing season went on, many individual taxpayers were shocked to discover that the withholding they employed prior to the implementation of tax reform was wildly inadequate under the revised tax system. As […]

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  • TAX LEGISLATION

    Several bills have been proposed during 2019, but none of them have seen much advancement. Congress came close to passing the SECURE Act, which would have made changes to retirement savings and employer retirement contributions provisions, but that has stalled in the Senate. There has also been talk of a technical corrections bill, as well […]

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