Posted on July 30, 2020
by
Joanie Stein
The COVID-19 pandemic that precipitated a three-month delay of the 2019 federal income tax filing deadline is also requiring taxpayers to wait longer than usual to receive any refunds to which they may be entitled. It is not unusual for taxpayers to view refunds as welcome surprises they can use to free-up cash flow, pay […]
Posted on July 28, 2020
by
Angie Adames
The use of net operating losses (NOLs) to offset taxable business income continues to evolve under the CARES Act, which temporarily reinstates NOL carrybacks that were previously eliminated under the Tax Cuts and Jobs Act (TCJA). The most recent IRS guidance concerns the application of the new NOL rules for consolidated groups. The TCJA, which […]
Fractional ownership of high-value assets, such as private airplanes, yachts and vacation homes is nothing new. However, in today’s burgeoning sharing economy, this business model has made it affordable for the masses to not only buy access to items once reserved for the wealthy, but they also have the potential to yield significant returns from […]
According to the Association of Fraud Examiners (ACFE) “2020 Report to the Nations,” a growing number of businesses that fell victim to occupational fraud between 2018 and 2019 disciplined perpetrators privately rather than referring them to public law enforcement for criminal prosecution. Yet, while there has been a steady increase in civil suits and private […]
Posted on July 09, 2020
by
Adam Cohen
The IRS recently issued new guidance providing individuals with more flexibility to use their employer-sponsored health-benefit plans, including Health Savings Accounts (HSAs) and Flexible Spending Arrangements (FSAs), to cover the unique medical and dependent-care expenses required during the COVID-19 pandemic. Under the CARES Act, high-deductible health plans (HDHP) may temporarily cover telehealth and other remote-health […]
One of the provisions included in the CARES Act to help U.S. taxpayers during the financial crisis precipitated by COVID-19 is a suspension of required minimum distributions (RMDs) from IRAs, 401(k) plans and 403(b) plans for 2020. Because this relief is retroactive to Jan. 1, 2020, the IRS announced it will allow taxpayers who took […]
Posted on July 01, 2020
by
Karen Lake
Businesses that were forced to close their offices and send employees home to work remotely during the COVID-19 pandemic must consider how those actions may impact their state and local tax payment and reporting obligations. Just one employee telecommuting from a state outside his or her usual work location may be enough to trigger a […]
