Newsletters

This Month: September 15 Extension deadline for 2019 S corporation and partnership tax returns 3rd quarter 2020 estimated income tax is due (individuals, corporations, trusts & estates) Fall is right around the corner! As summer is winding down, the IRS wants you to be aware of common scams being encountered during the pandemic. Also included are tips to improve your credit score. Please call if you would like to discuss how this information could impact your situation. IRS Announces Common Tax Scams The IRS recently announced its 2020 edition of its annual Dirty Dozen list of tax scams with a special emphasis on aggressive and evolving schemes related to COVID-19 tax relief, including Economic Impact Payments. Here are six of the more common scams. Phishing. Phishing refers to potential fake emails or websites looking to steal your personal information. Remember the IRS will never initiate contact with you via email about an outstanding [...]

This month: July 15 - Individual income tax returns for 2019 are due - C corporation tax returns for 2019 are due - 1st and 2nd quarter 2020 estimated tax payments due Other July 15 Deadlines - Gift tax returns - 2019 IRA contributions - 2019 HSA contributions Remember, July 15 is now the tax filing due date because of the pandemic! It also means you may have a tax payment due on or before July 15. And if you have not yet received your federal stimulus check, this month's newsletter tells you what you should do. Also included is a recap of recent news that gives business owners more flexibility for getting your PPP loan forgiven. Also included in the newsletter are some ideas for fun, summertime activities for the entire family. Please call if you would like to discuss how this information could impact your situation. If you know someone who [...]

This month’s newsletter details several reasons why you should look for other sources of cash instead of tapping into your retirement funds, along with identifying potential tax surprises if you are using any of the pandemic-related relief programs, including unemployment benefits. Think Before Tapping 401(k) as Emergency Fund Do you need a quick infusion of cash? Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you may be able to take money out of a qualified plan, like a 401(k), or an IRA, with favorable tax consequences. But should you do it? You might view withdrawing money from a retirement account as a last resort. Background Among other changes in the CARES Act relating to qualified plans and IRAs, a participant can withdraw up to $100,000 of funds without paying the usual 10% tax penalty on distributions before age 59½. Plus, you can take as long as three years to pay the [...]

COVID-19 uncertainty abounds for everyone. This month’s newsletter provides a round-up of tax-related laws to help with tax planning for 2020 as we all navigate the coronavirus pandemic. Also in this edition are ways to track your stimulus payment and tips to find cash. Key 2020 Coronavirus Tax Changes Coronavirus uncertainty abounds. Thankfully, by monitoring tax changes on your behalf, we can work together to navigate the right path for you and your family. Here is a round-up of tax-related laws and information to help with tax planning for 2020. Early distribution penalty waived The 10% early distribution penalty on up to $100,000 of retirement withdrawals for coronavirus-related reasons is waived during 2020. New tax rules allow tax liabilities on these distributions to be paid over a three-year period. So if you need the funds, you won't see your tax bill skyrocket in one year. Even better, you can return these distributions back [...]

This month: March 16 Due date for partnership and S corporation tax returns (Forms 1065, 1120S) The IRS Data Theft Problem Here's how to minimize your risk What better place for online thieves to target than a database that contains 300 million+ Social Security numbers and a treasure trove of financial information? The IRS has 52 Internet applications to help U.S. citizens comply with their tax obligations. But these online portals, which collect, process and store large amounts of personal information and tax data, are also a potential gateway for online criminals and identity thieves. While the IRS’s electronic authentication security controls have improved, the Treasury Inspector General recently said that the IRS’s internet applications are not yet compliant with the National Institute of Standards and Technology guidelines. Here’s what you can do to protect your tax-related identity and information while the IRS tries to improve its security controls: Use the IRS’s Internet [...]

The 2019 tax filing season is in full swing. If you have not already done so, now is the time to collect your tax forms, organize your records and set a schedule to get your tax return completed. Deep in the Form 1040 instructions is an annual recap of federal income and how the money is spent. Since most taxpayers no longer see these instructions, a recap of this information is provided here for your review. Given late breaking tax laws, now is a good time to read a review of how newly passed retirement rules could help you save more. This issue also includes an article with several interesting facts for small business owners as well as some information to help your employees navigate the new W-4 paycheck withholding form. Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit [...]

This month: January 15 - 4th Quarter Estimated Payments Due Start tax planning for the new year - Adjust withholdings - Organize filing records - Schedule tax consultation - Rebalance investment portfolio Welcome 2020. A new year calls for a fresh look at your financial strategies. Consider how to make the most of your savings accounts — and don't forget you still have time to fund your IRA! You can also try the following fail-proof tricks to keep your New Year's resolutions on track. Call if you would like to discuss how this information relates to you. If you know someone who can benefit from this newsletter, feel free to send it to them. Make Your Cash Worth More Banking tips to help you cash in Your cash is parked. Do you know if it's making or losing you money? For instance, letting it sit in a non-interest-bearing account is a waste of [...]