Category: Tax


What the Self-Employed Should Know About Taxes on Unemployment Benefits by Kevin McNally, JD

Posted on September 22, 2020 by Kevin McNally

Among the millions of American workers filing for unemployment compensation in the wake of the COVID-19 pandemic are self-employed individuals, independent contractors and part-time workers who otherwise would not qualify for these benefits. While the extension of unemployment assistance to these workers is good news, it is critical for out-of-work individuals to recognize that the […]

Final Regulations Applying the High-Tax Exclusion to Global Intangible Low-Taxed Income by Timothy Larson, CPA

Posted on September 17, 2020 by Timothy Larson

The IRS recently issued final and proposed regulations relating to the treatment of “high-taxed” global intangible low-taxed income (GILTI), introduced in 2017 by the Tax Cuts and Jobs Act (TCJA). This latest guidance is welcome news to many U.S. investors, who may now make annual elections to exclude high-taxed GILTI from their gross income — […]

But I Already Paid the Tax by Jeffrey M. Mutnik, CPA/PFS

Posted on August 27, 2020 by Jeffrey Mutnik

The IRS typically takes about two weeks to process paper tax returns and payments it receives via mail from taxpayers. However, 2020 is far from typical. In the current environment, taxpayers should be prepared for some challenges, some of which the IRS is working to alleviate. Due to the IRS’s temporarily shut down of most […]

Now is the Time to Put your Swap Powers to Use by Chris Taarick, JD, LLM

Posted on August 19, 2020 by Christopher Taarick

A key element of estate planning involves the creation of trusts to protect assets from creditors and provide financially for beneficiaries. Over time, and especially as tax laws change, individuals must reassess exiting plans and consider making changes or taking other actions to improve tax efficiency and wealth preservation for themselves and for future generations. […]

2019 Tax Refunds to be Delayed by Joanie B. Stein, CPA

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 […]