Celebrating tax-smart wealth advisory to keep more of what you’ve earned and invest with confidence.
Celebrating tax-smart wealth advisory to keep more of what you’ve earned and invest with confidence.
2020 – 09/08 The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s executive memorandum signed on August 8. Private employers still have questions and concerns about…
2020 – 09/08 Are you an employer with employees working at home due to COVID-19? In response to the pandemic, some states have issued specific guidance on whether telecommuting employees temporarily working in a state due to COVID-19 create “nexus” for an employer who doesn’t operate in that state. Contact us for more information about…
2020 – 09/08 There are concerns NOT covered by the recent IRS guidance on the optional payroll tax deferral. The IRS issued Notice 2020-65 regarding the postponement of withholding and remittance of the employee’s share of Social Security taxes as permitted in an Aug. 8 executive action from President Trump. Only employees under a certain…
2020 – 09/04 The IRS has issued guidance on certain provisions of the SECURE Act, including the repeal of the maximum age for traditional IRA contributions. The law eliminated the restriction that a taxpayer couldn’t contribute to a traditional IRA starting in the year he or she reached age 70½, even if the person continued…
2020 – 09/02 Wouldn’t it be great if your employees worked as if they owned the company? An employee stock ownership plan (ESOP) could make this a reality. Under an ESOP, employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some…
2020 – 08/31 Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, and a 0% rate will apply…
2020 – 08/27 by Lori Eads, CPA We know many of you who received Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) are anxious to apply for forgiveness! However, as we learned during the application process, it can be helpful to be patient and wait for final guidance before…
2020 – 08/27 by Lori Eads, CPA When the Paycheck Protection Program (PPP) was adopted as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), Congress made clear that any loan forgiveness under the program would be excluded from the borrower’s taxable income as long as the proceeds were used for amounts equal…
2020 – 08/26 Many businesses now offer, as part of their health care benefits, various types of accounts that reimburse employees for medical expenses on a tax-advantaged basis. These include health Flexible Spending Accounts (FSAs), Health Reimbursement Arrangement (HRAs) and Health Savings Account (HSAs, which are usually offered in conjunction with a high-deductible health plan)….
2020 – 08/25 The deadline to return distributions to certain retirement accounts is coming up. IRA owners, beneficiaries or workplace retirement plan participants who received a required minimum distribution (RMD) this year have until Aug. 31 to roll over or repay the distributions to avoid paying taxes. The CARES Act waived RMDs during 2020 for…
Without sound financial guidance, how can you grow, live, and retire well? At Bland Garvey Wealth Advisors, we build a specific plan based on your needs, wants, and wishes so you can have a clear picture of how to reach your goals.
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