RMDs and the CARES Act

2019-02/28 The IRS has issued guidance regarding the revocation or denial of passports to delinquent taxpayers. In an information release, the IRS reminded taxpayers that they may not be able to renew a current passport, or obtain a new passport, if they’re “seriously delinquent” in paying federal taxes. A taxpayer is considered to have a…

Every business with more than one owner needs a buy-sell agreement to handle both expected and unexpected ownership changes. When creating or updating yours, be sure you’re prepared for the valuation issues that will come into play. Issues, what issues? Emotions tend to run high when owners face a “triggering event” that activates the buy-sell….

2018 – 12/10 The IRS has provided guidance on a new deferral option for certain stock-based compensation. The option was added by the Tax Cuts and Jobs Act. It allows qualified employees of privately held corporations to defer paying income tax for up to 5 years on the value of qualified stock options and restricted…

2020 – 03/26 Late on March 25, the U.S. Senate passed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) by a vote of 96-0. The bill, which provides $2 trillion in coronavirus (COVID-19) relief, will now move to the U.S. House of Representatives for consideration. The House is expected to vote on…

2020 – 04/16 The IRS says its new Get My Payment tool is now up and running. It allows taxpayers to check on the status of their Economic Impact Payments (EIPs), which are being sent to help ease the coronavirus (COVID-19) crisis. If you filed a 2018 or 2019 tax return, you can use the…

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…