Thinking of Becoming a Real Estate Flipper? Here’s a Primer on the Tax Rules
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
What the April 15 Tax Filing Deadline Extension Means to You.
Article Highlights: Filing Due Date Postponement Payment Due Date Postponement Extensions Late Filing and Late Payment Penalties Other Filings 2019 IRA Contributions Cancelling Direct Withdrawals The IRS has postponed the due date for filing Federal income tax returns and tax payments due on April 15, 2020 until July 15, 2020. Below are the specifics of […]
Have a Worthless Stock You Want to Write Off for 2016? Action May be Needed by Year-End
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Can’t Pay Your Taxes? Payment Due Date Extended Because of COVID-19
Article Highlights: Automatic 2019 filing and payment extensions If you can’t pay Loans Credit card payments IRS installment agreement Retirement funds Although most American taxpayers receive a refund each year when they file their income tax returns, there are those who for one reason or another end up owing. However, lots end up owing on […]
Congress Provides Sick Leave and Child Care Leave Benefits for Employees
Article Highlights: COVID-19 Epidemic Employer Reimbursement Paid Sick Leave Family Care Leave Procedures for Reimbursing Employers The COVID-19 epidemic has created situations where employees are not able to work because they tested positive for the virus or have been quarantined after coming in contact with someone who has tested positive. It has also caused parents […]
You May Be Able to Sell Profitable Stocks Without Paying Any Tax
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
What Does the $2 Trillion Stimulus Package Mean for You?
Article Highlights: Recovery Rebate Penalty-Free Retirement Withdrawals Waiver of the 2020 RMD Requirement Temporary Removal of Charitable Contribution Limits Employer Student Loan Payments Employer Delayed Payroll Tax Deposits Employer Credit for Retaining Employees Temporary Reinstatement of NOL Carrybacks Limitation on Losses Prior Year AMT Credit for Corporations Limitation on Business Interest Loan Guarantees and Subsidies […]
Working from Home During the COVID-19 Outbreak? It Probably Won’t Save You Much on Your Taxes
Even if you always hire a tax preparer to do your taxes for you, you probably know that the most effective way of reducing your tax liability is through deductions and tax credits. Since one of the biggest deductions available is the one taken for home office space, in this strange and disorienting period of […]
US Tax Advice for US Expatriate Living and Working in Malawi
US Tax Advice for US Expatriate Living and Working in Malawi. Tax Guide for US Expats Living and Working in Malawi Download Our Expat Tax Guide Who Is Liable For Income Taxes in Malawi Resident individuals and nonresident individuals with a permanent establishment in Malawi are subject to income tax on their income deemed to […]
Running Low on Money? Congress Has Made it Easier for You to Tap Your Retirement Savings
Article Highlights: COVID-19 Tax Benefits Retirement Plan Withdrawals Waiver of 10% Early Withdrawal Penalty Retirement Plan Loans Roth IRAs Other Sources of Income Way to Reduce Payments If you are struggling financially due to the COVID-19 epidemic, you will be happy to know Congress, as part of the CARES Act enacted on March 27, has made it […]