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Federal Income Tax Withholding Changes

2020 – 02/13 The IRS has issued proposed regulations to conform to the Tax Cuts and Jobs Act’s federal income tax withholding changes. The proposed regs are designed to accommodate the redesigned 2020 Form W-4, “Employee’s Withholding Certificate,” and related wage withholding tables. Among other things, the proposed regs provide rules on when employees must…

Taking the Standard vs. Itemized Deduction

2020 – 02/12 What’s best for you, taking the standard deduction or claiming itemized deductions? The standard deduction changes yearly and is based on age and filing status. The Tax Cuts and Jobs Act raised the standard deduction so that more people could benefit from its simplicity. Itemizing deductions requires more work, but taxpayers can…

Identifying an IRS Field Revenue Officers

2020 – 02/11 IRS field revenue officers (ROs) have begun knocking on the doors of taxpayers with ongoing tax compliance issues. According to the IRS, these home visits (starting in AK, TX and WI) are made if numerous mail contacts have proven unsuccessful. ROs are trained IRS civil enforcement employees who work to resolve issues,…

How to make the most of your multigenerational workforce

2020 – 02/18 Many of today’s businesses employ workers from across the generational spectrum. Employees may range from Baby Boomers to members of Generation X to Millennials to the newest group, Generation Z. Managing a workforce with a wide age range requires flexibility and skill. If you’re successful, you’ll likely see higher employee morale, stronger…

The IRS just launched Identity Theft Central

2020 – 02/04 It’s tax season and with it comes the risk of identity theft. As taxpayers focus on filing their returns, cybercriminals are focused on stealing their personal identifying information. That’s why the IRS just launched Identity Theft Central, with online access to information about identity theft and data security for taxpayers, tax pros,…

When do I file an amended return?

2020 – 02/07 What if you file your federal tax return and then realize you made a mistake? According to the IRS, the answer depends on the mistake. If the error is mathematical, there’s a good chance it will be caught during the processing and corrected by the IRS. But if you chose the wrong…

Do you want to go into business for yourself?

2020 – 02/10 Many people who launch small businesses start out as sole proprietors. Here are nine tax rules and considerations involved in operating as that entity. 1. You may qualify for the pass-through deduction. To the extent your business generates qualified business income, you are eligible to claim the 20% pass-through deduction, subject to…

Getting help with a business interruption insurance claim

2020 – 02/05  To guard against natural disasters and other calamities, many companies buy business interruption insurance. These policies provide cash flow to cover revenues lost and expenses incurred while normal operations are limited or suspended. But buying coverage is one thing — making a claim and receiving the funds is quite another. Depending on…

Look closely at your company’s concentration risks

2020 – 01/29 The word “concentration” is usually associated with a strong ability to pay attention. Business owners are urged to concentrate when attempting to resolve the many challenges facing them. But the word has an alternate meaning in a business context as well — and a distinctly negative one at that. Common problem A…

Tips to Avoid Becoming a Victim of Identity Theft

2020 – 01/30 Most identity theft occurs via phishing emails in which the end user is tricked into giving the fraudster the information they need to steal their identity. Be extremely careful clicking on any links or opening attachments to emails. These links can take you to fake web sites designed to look like the…

Tax Withholding Estimator

2020 – 01/22 The IRS has launched a new and improved Tax Withholding Estimator, which it said is “designed to help workers target the refund they want by having the right amount of federal income tax taken out of their pay.” The revised online tool incorporates the changes from the redesigned Form W-4. If an…

Taxpayer Bill of Rights

2020 – 01/24 Do you know all your rights as a taxpayer? “The right to be informed” tops the IRS’s Taxpayer Bill of Rights. It means you have the right to: 1) know what you need to do to comply with the tax laws; 2) get clear explanations of the laws and IRS procedures in…

Required Minimum Distribution Age Raised to 72

2020- 01/27 When tax laws change on short notice, the result may be confusion. Under longstanding tax law, owners of traditional IRAs had to begin taking required minimum distributions (RMDs) after reaching age 70½ to avoid penalties, no later than the following April 1. The SECURE Act, which was signed into law in Dec. 2019,…

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