About Julie Welch

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So far Julie Welch has created 56 blog entries.

It’s Year-End Tax Planning Time!

The economic situation due to the coronavirus (COVID-19) pandemic, as well as the magnitude of the tax law changes in the stimulus packages known as the CARES Act (The Coronavirus Aid, Relief, and Economic Security Act) and the FFCRA (The Families First Coronavirus Response Act), emphasizes the need for tax planning.  Moves you make now [...]

By |2020-12-23T15:46:05-06:00December 23rd, 2020|Tax|Comments Off on It’s Year-End Tax Planning Time!

Congress passes Consolidated Appropriations Act of 2021 – including PPP Modifications and COVID-Related Tax Relief

Happy Holidays!  2020 has been an extremely challenging year for many, but overnight (Monday night, December 21st) Congress passed legislation designed as one more stimulus to help those in need as a result of the COVID-19 pandemic.  The Consolidated Appropriations Act, which includes the Paycheck Protection Program (PPP) timeframe modification and extensions and other COVID-related [...]

By |2021-01-08T12:47:12-06:00December 23rd, 2020|COVID-19, Tax|Comments Off on Congress passes Consolidated Appropriations Act of 2021 – including PPP Modifications and COVID-Related Tax Relief

BEWARE – COVID-related text message scam

If you receive a text letting you know you “received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action is required to accept this payment… Continue here to accept this payment …” – BEWARE - a fraudster is attempting to get your bank account information.  Do no click on the link, and do [...]

By |2020-12-08T14:05:50-06:00December 8th, 2020|COVID-19, General|Comments Off on BEWARE – COVID-related text message scam

UPDATE on Employee payroll tax deferrals

President Trump issued an executive order on August 8, 2020 providing that employers could defer (but not forgive) the employee’s portion of Social Security taxes for certain employees for wages paid between September 1, 2020 and December 31, 2020.  The Social Security tax is the 6.2% portion of the employment taxes taken out of employees’ [...]

By |2020-08-31T15:58:47-06:00August 31st, 2020|Tax|Comments Off on UPDATE on Employee payroll tax deferrals

Should Employers wait for Treasury guidance before making employee payroll tax deferrals?

President Trump issued an executive order on August 8, 2020 providing that employers could defer (but not forgive) the employee’s portion of Social Security taxes for certain employees for wages paid between September 1, 2020 and December 31, 2020.  The Social Security tax is the 6.2% portion of the employment taxes taken out of employees’ [...]

By |2020-08-30T09:45:41-06:00August 30th, 2020|Tax|Comments Off on Should Employers wait for Treasury guidance before making employee payroll tax deferrals?

April 15 – Still must file – but may be able to wait to pay income tax balance due and estimated taxes due

Secretary of the Treasury Mnuchin announced an extension of the April 15 tax payment deadline for most individuals and businesses, giving 90 extra days to pay 2019 income tax bills and quarterly income tax estimates.  Taxes due with individual income tax returns can be deferred up to $1 million in income tax payments (including self-employment [...]

By |2020-03-27T19:39:59-06:00March 19th, 2020|COVID-19, General, Tax|Comments Off on April 15 – Still must file – but may be able to wait to pay income tax balance due and estimated taxes due

April 15 – Still must file – but may be able to wait to pay

Secretary of the Treasury Mnuchin announced an extension of the April 15 tax payment deadline for most individuals and businesses, giving 90 extra days to pay 2019 income tax bills.  Individuals will be allowed to defer up to $1 million in tax payments and regular corporations will be able to defer up to $10 million [...]

By |2020-03-27T19:40:16-06:00March 17th, 2020|COVID-19, General, Tax|Comments Off on April 15 – Still must file – but may be able to wait to pay

Coronavirus and how it affects your business continuity and/or disaster recovery

Now that COVID19 has been declared a pandemic, businesses must assure they have a continuity plan and/or disaster recovery plan in place.  As the situation escalates, we will continue to face emergency planning issues.  The health of ourselves and employees, while preserving business continuity, are key to navigating the issue.  Strong planning, the ability to [...]

By |2020-03-27T19:40:21-06:00March 13th, 2020|COVID-19, General|Comments Off on Coronavirus and how it affects your business continuity and/or disaster recovery

Julie Welch Quoted in The Washington Post on April 4, 2019

Meara Welch Browne’s Tax Partner, Julie Welch, was quoted Thursday in The Washington Post – “Personal Finance” section.  In the article titled "The April 15 tax deadline is close. Why you should file on time.” by Michelle Singletary, Julie answered what has been frustrating people most during this tax season. You can read her quote [...]

By |2019-04-04T13:19:32-06:00April 4th, 2019|General, Tax|Comments Off on Julie Welch Quoted in The Washington Post on April 4, 2019

IRS issues guidance on estate tax Clawback after 2025

Today the IRS issued proposed regulations and a news release providing guidance to individuals who are considering making large gifts to take advantage of the increased gift/estate tax exclusion levels that are effective for 2018 through 2025.  The current exclusion amount is now $11,800,000 but is scheduled to revert to pre-2018 levels after 2025 ($5,000,000 [...]

By |2018-11-20T16:57:25-06:00November 20th, 2018|Tax|Comments Off on IRS issues guidance on estate tax Clawback after 2025
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