Coronavirus & Our Parents’ Taxes

2022 – 01/18 Taxpayers who didn’t receive their third Economic Impact Payment (EIP) may be eligible to claim a 2021 Recovery Rebate Credit on their tax returns based on their 2021 tax year information. The IRS said that individuals may have received their third EIP through initial and “plus-up” payments in 2021. The IRS suggests…

2020 – 06/10 Reminder: The extended deadline for paying estimated taxes is about a month away. If you pay estimated taxes, be aware that the first and second quarter payments for tax year 2020, which were originally due April 15 and June 15, are now due July 15. Individuals and corporations that make quarterly estimated…

In many industries, market conditions move fast. Businesses that don’t have their ears to the ground can quickly get left behind. That’s just one reason why some of today’s savviest companies are establishing so-called “shadow” (or “mirror”) boards composed of younger, nonexecutive employees who are on the front lines of changing tastes and lifestyles. Generational…

2019 – 04/24 The Social Security Administration (SSA) anticipates a wage base increase for 2020. The SSA Office of the Chief Actuary has projected that the Social Security wage base will increase from $132,900 this year to $136,800 in 2020. The wage base is the maximum amount of earnings subject to Social Security tax. The…

2019 – 07/17 The IRS has issued tips for organizations that want to apply for tax-exempt status. Groups seeking to obtain 501(c)(3) tax-exempt status must use a Form 1023-series application. One tip for applicants: A group applying for this exemption generally must notify the IRS within 27 months from the date it was formed. Another…

2020 – 03/03 The Government Accountability Office (GAO) has issued a report that examines the challenges associated with enforcing rules governing IRAs invested in unconventional assets. The bottom line of the report is that the IRS can do a better job informing taxpayers about noncompliance related to such assets. Unconventional IRA investments include real estate,…