2020 – 08/21 Did you ask for an extension for your 2019 tax return this year? If so, keep in mind that Oct. 15, 2020 is the last day to file for most people who requested an extension. You can file your return any time before that date if you have all your required tax documents. Contact us for assistance. October isn’t that far away.
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Does Your Vehicle Qualify for a Tax Credit?
2020 – 09/29 New vehicles are now available for a tax break. On its website, the IRS has added several 2021 model year Honda and Volvo vehicles to the list of vehicles eligible for the plug-in electric drive motor vehicle tax credit. The tax code provides a credit to the purchaser of a qualified plug-in…
Bad Checks and the IRS
2020 – 08/24 Due to delays in processing, the IRS is providing relief from bad check penalties for dishonored checks it received between March 1, 2020, and July 15, 2020. The IRS says that if a taxpayer mailed a check (either with or without a tax return), it may still be unopened in the backlog…
Deductions: Estates and Trusts
2020 – 09/22 Final guidance is available for decedent’s estates and non-grantor trusts on the treatment of certain deductions. The Tax Cuts and Jobs Act prohibits individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for tax years after 2017 and before 2026. The final regulations clarify deductions that don’t fall under that heading,…
Telecommuting: Do you Owe State Taxes?
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…
Ordinary Business Expense Deduction
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…
The President’s action to defer payroll taxes: What does it mean for your business?
2020 – 08/17 On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be…
