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 [...]
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 [...]
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 [...]
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’ [...]
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’ [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]