Trump Signs $2 Trillion Bipartisan CARES Act
President Trump on March 27 signed the $2 trillion bipartisan
Coronavirus Aid, Relief, and Economic Security (CARES) Act
( P.L. 116-136). The House approved the historically large
emergency relie...
Due Dates Extended for Additional Filings and Payment Obligations
The Treasury Department and IRS have provided a notice with
additional relief for taxpayers, postponing until July 15, 2020, a
variety of tax form filings and payment obligations that are due
between ...
“Get My Payment” Tool Available for Economic Impact Payments
synopsisThe Treasury Department and the IRS have released
the "Get My Payment" tool to assist Americans in
receiving their “economic impact payments” issued under the
bipartisan ...
Guidance on NOL Carryback Under CARES Act
The IRS has issued guidance providing administrative relief under
the Coronavirus Aid, Relief and Economic Security (CARES) Act
( P.L. 116-136) for taxpayers with net operating losses
(NOLs)....
IRS Allows Temporary Filing by Fax for Forms 1139 and 1045
The IRS is allowing taxpayers to file by fax Form 1139,
Corporation Application for Tentative Refund, and Form 1045,
Application for Tentative Refund, for certain coronavirus relief, a
senio...
BBA Partnerships Can Amend Returns for CARES Benefits
The IRS has set forth rules for BBA partnerships to file amended
returns to immediately get benefits under the Coronavirus Aid,
Relief, and Economic Security (CARES) Act ( P.L.
116-136). "BB...
Prepare to implement important provisions in the Affordable Care Act
When Congress passed the Patient Protection and Affordable Care Act
and its companion bill, the Health Care and Education
Reconciliation Act (collectively known as the Affordable Care Act)
in 2010, la...
How do I....Make matching contributions to a SIMPLE IRA plan?
A SIMPLE (Savings Incentive Match Plan for Employees of Small
Employers) IRA is a retirement savings plan designed specifically
for small employers. A SIMPLE IRA is an IRA-based plan with ease of
use ...
How do I: Compute Code Sec. 1231 gains and losses?
Code Sec. 1231 applies to gains and losses from property used in
the trade or business and from involuntary conversions. Normally,
you have to determine whether property is a capital asset or is
ordin...
FAQ: What is a family partnership?
The family partnership is a common device for reducing the overall
tax burden of family members. Family members who contribute
property or services to a partnership in exchange for partnership
interes...
FAQ: What tax breaks come with raising a child?
Taxpayers with children should be aware of the numerous tax breaks
for which they may qualify. Among them are: the dependency
exemption, child tax credit, child care credit, and adoption
credit. As th...
IRS streamlined offer-in-compromise program aims to cut red tape
The IRS's streamlined offer-in-compromise (OIC) program is intended
to speed up the processing of OICs for qualified taxpayers. Having
started in 2010, the streamlined OIC program is relatively new.
T...
Scope of information reporting continues to expand
Information reporting continues to expand as Congress seeks to
close the tax gap: the estimated $350 billion difference between
what taxpayers owe and what they pay. Despite the recent rollback
of exp...
IRS offers fixes to new 100 percent bonus depreciation
Taxpayers that place new business assets other than real property
in service through 2012 may claim a "bonus" depreciation deduction.
Although the bonus depreciation deduction is generally equal to
50...
Next year's tax return starts with good recordkeeping
As the 2015 tax filing season comes to an end, now is a good time
to begin thinking about next year's returns. While it may seem
early to be preparing for 2016, taking some time now to review your
rec...
FAQ: What is a limited liability company?
A limited liability company (LLC) is a business entity created
under state law. Every state and the District of Columbia have LLC
statutes that govern the formation and operation of LLCs....
Estimated tax: Getting it right
Estimated tax is used to pay tax on income that is not subject to
withholding or if not enough tax is being withheld from a person's
salary, pension or other income. Income not subject to withholding
...
FAQ: What are the rules for claiming dependents?
The tax rules surrounding the dependency exemption deduction on a
federal income tax return can be complicated, with many
requirements involving who qualifies for the deduction and who
qualifies to ta...
FAQ: Are scholarships/tuition aid packages taxable?
If one of your children received a full scholarship for all
expenses to attend college this year, you may be wondering if this
amount must be reported on his or her income tax return. If certain
condi...
Planning for the 3.8 percent Medicare tax on investment income
The health care reform package (the Patient Protection and
Affordable Care Act and the Health Care and Education
Reconciliation Act of 2010) imposes a new 3.8 percent Medicare
contribution tax on the ...
FAQ: What constitutes income from the cancellation of debt?
Debt that a borrower no longer is liable for because it is
discharged by the lender can give rise to taxable income to the
borrower. Debt forgiveness income or cancellation of debt income
("COD" incom...
Withdrawals from retirement savings: Tough rules may change
In response to the economic downturn that has affected the
retirement portfolios of millions of individuals across the
country, Congress has been considering a variety of alternatives to
offer relief ...
Newsletters
Welcome and thank you for visiting our Website. In addition to providing you with a profile of our firm and the services we provide, this Website has been designed to become a helpful resource tool to you, our valued clients and visitors. Our dedication to superior client service has brought us to the Internet as we endeavor to continue to provide the highest quality professional service and guidance.
As you browse through our Website, you will see that not only have we highlighted background information on our firm and the services we provide, but have also included useful resources such as informative articles (in our Newsletter section) and interactive financial calculators (in our Financial Tools section). In addition, we have taken the time to gather many links to external Websites that we felt would be of interest to our clients and visitors (in our Internet Links section).
While browsing through our Website, please feel free to contact us with any questions or comments you may have - we'd love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.
