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 […]
Posted on September 08, 2020
by
Karen Lake
The COVID-19 pandemic has forced a record number of taxpayers to work from home, creating a sea of new income tax challenges they had not previously been required to consider. Despite all the conveniences of work-from-home (WFH) policies, employees need to prepare themselves for how this new normal will impact their state and federal tax […]
Posted on September 02, 2020
by
Lewis Taub
On Aug. 28, 2020, the IRS issued guidance to help employers carry out the temporary deferral of payroll taxes, which the President introduced three weeks prior as a measure to “put money directly in the pockets of American workers” and kickstart the economy. However, taxpayers should be forewarned that the guidance does not answer all […]
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 […]
Posted on August 24, 2020
by
Adam Cohen
Hurricane season is heating up, and we are reminded of the importance of preparing for the impact of a threatening storm or other natural disaster and planning for short and long-term recovery. One thing that we can rely on every year is that hurricane season will begin on June 1 and run through November 30. […]
Posted on August 06, 2020
by
Joseph Saka
There is no doubt that the COVID-19 health crisis has permeated almost every aspect of life in 2020. According to the IRS, the pandemic has even spread to the agency’s annual list of the 12 most common tax scams criminals use to steal taxpayers’ money and personal information. Following are the “Dirty Dozen” schemes to […]
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 […]
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 […]
