Blog2019-10-21T16:13:14-06:00

The CARES Act – Business Highlights

Phase 3 of the COVID-19 stimulus package (the CARES Act) was just signed by President Trump.  This legislation is unprecedented in both size and scope. It is clear that the Federal government is pulling every lever possible to mitigate the economic ramifications of the coronavirus pandemic. It appears Congress is opening every liquidity spigot at their disposal and even creating new ones on the fly. The stimulus bill totals approximately $2.2 trillion and has provisions that will affect everyone in [...]

By |March 27th, 2020|Audit, COVID-19, General|

Business Response in Times of Crisis

As the COVID-19 global pandemic continues to alter society in unprecedented ways, it has become evident that, while necessary, the steps being taken by government officials to minimize the human lives lost will result in a severe economic contraction. What is unclear is the scope of those costs. Federal, state and local governments have already and will continue to implement unprecedented policies to deal with the disease and economic fallout it has caused. Here, we will identify areas that private [...]

By |March 23rd, 2020|COVID-19, General|

Families First Coronavirus Response Act

The Families First Coronavirus Response Act, the second coronavirus emergency aid package, was signed into law by President Trump on the evening of March 18, 2020.  Only a small part of the legislation contains tax provisions; while the rest of the bill primarily focuses on funding for increased COVID-19 testing, providing free testing for everyone, and continuing student lunch programs for schools that are closed.  The bill extends paid sick leave to employees, enhances unemployment benefits, and provides free COVID-19 [...]

By |March 20th, 2020|COVID-19, General, Tax|

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 taxes and regardless of the filing status).  Taxes due with regular corporate income tax returns can be deferred up to $10 million in income tax [...]

By |March 19th, 2020|COVID-19, General, Tax|

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 in tax payments interest-free and penalty-free for 90 days. At this point it appears that the tax returns must still be filed and/or an extension [...]

By |March 17th, 2020|COVID-19, General, Tax|

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 adapt, and communication can help mitigate the virus’s consequences on you and your business.   Meara Welch Browne is continuing to monitor information issued by [...]

By |March 13th, 2020|COVID-19, General|

Julie Welch Quoted in the March 8, 2020 The New York Times

Meara Welch Browne’s Tax Partner, Julie Welch, was quoted Sunday in The New York Times – “Business” section.  The article was titled "The 8 Most Vexing Tax Questions, Answered” by Tara Siegel-Bernard and Ron Lieber. In the article, Julie answered the question about being confused by a new form that human resources uses to calculate tax withholdings.  She comments that the IRS’s tax withholding estimator tool online is pretty precise and there isn’t much “fluff” built into the IRS withholding [...]

By |March 8th, 2020|Tax|

It’s Not Too Late to Bring Down Your Tax Bill

Meara Welch Browne’s Tax Partner, Julie Welch, was quoted in CNBC's Grow.Acorns.com "It's Not Too Late to Bring Down Your Tax Bill From 2018 - Here's How" written by Sam Becker.  The article outlines the last-minute technique of contributing to an Individual Retirement Account. You can read her quotes and the entire article on CNBC's grow.acorns.com website at the following link: https://grow.acorns.com/last-minute-ira-contributions-can-lower-your-tax-bill/

By |April 11th, 2019|General, Tax|

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 and the entire article on The Washington Post website at the following link: https://www.washingtonpost.com/business/2019/04/04/april-tax-deadline-is-close-why-you-should-file-time/?noredirect=on&utm_term=.6becf2b648d6

By |April 4th, 2019|General, Tax|

How to Use The New Tax Law to Cut Your Tax Bill

Meara Welch Browne’s Tax Partner, Julie Welch, was quoted in "How to Use The New Tax Law to Cut Your Tax Bill" written by Robert Powell and published in TheStreet.  The article outlines opportunities for those saving for retirement to cut their tax bill this year and in years to come. You can read her quotes and the entire article on TheStreet website at the following link: https://www.thestreet.com/retirement/ira/roth-ira/how-to-use-the-new-tax-law-to-cut-your-tax-bill-now-14889282

By |March 7th, 2019|General, Tax|

Julie Welch Quoted Twice in the February, 2019 The New York Times

Meara Welch Browne’s Tax Partner, Julie Welch, was quoted Sunday in The New York Times – “Business” section in two articles.  The first was titled "The 8 Most Common 2019 Tax Return Questions, Answered by Experts” by Ron Lieber and Tara Siegel-Bernard.  The second was titled "Smaller Tax Refunds Surprise Those Expecting More Relief" by Tara Siegel-Bernard. In the first article, Julie answered the question about why, if someone believed they were getting a tax cut, their return is showing [...]

By |February 14th, 2019|General, Tax|

Julie Welch was interviewed on CNBC

Meara Welch Browne’s Tax Partner, Julie Welch, along with Ed Slott, president of Ed Slott & Company, were interviewed on CNBC's Squawk Alley about the tax benefits of selling stocks before the end of the year. You can view CNBC's interview at the following link: https://www.cnbc.com/video/2018/12/27/tax-experts-nows-the-time-to-sell-stocks-claim-losses.html

By |December 31st, 2018|General, Tax|