Archives for Federal

Additional Stimulus Funding Update

It’s been over six-weeks since California State and Local Governments ordered non-essential business closed and issued the “Safer At Home” directive. And by most accounts, the crisis appears to have reached a plateau. We’re not quite “out of the woods” yet on the public health front. But there’s more good news than bad. Which is a huge triumph! Though, regardless of whatever progress we’ve made, I hope you, your family, friends, and loved ones are
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CARES Act Stimulus Package Update

  I hope this update finds you, your family, friends, and loved ones healthy + safe. Navigating our new “stay at home” lives has no doubt been a challenge. But hopefully, you’re adapting. And on the “managing the coronavirus fallout” front, congress officially passed the CARES Act earlier this week. This $2 trillion economic stimulus package runs over 880 pages in length. And it’s positively packed with financial aid and economic relief programs for individuals
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More COVID-19 Financial News Updates, Aid Packages + Governmental Relief Programs

I sincerely hope you and your family are remaining healthy and safe despite the coronavirus’s continued spread. The “new normal” — homeschooling your children, working from a laptop in the corner of your family room + only venturing out for a jog or quick trip the grocery store — is a BIG adjustment. But hopefully, you’re settling into a rhythm. In the meantime, as I predicted, the flood of new information surrounding the coronavirus crisis
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COVID-19 Tax + Financial Update

At the moment, we find ourselves on some pretty shaky ground. And in response, I want to offer my best wishes to everyone out there reeling in the fallout from the COVID-19 pandemic. I sincerely hope you, your family, friends, and assorted loved ones are all healthy and safe. As we enter this truly unprecedented time in modern history, we’re all feeling unsure (and likely a bit nervous) about what may come. But the reality
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The Tax Consolidation Act of 2020 Promises to “Extend” Tax Savings in the Coming Fiscal Year

Squeezed in just under the wire late last December, alongside the annual government spending bill, The Tax Consolidation Act of 2020 further chips away at Obama Care tax consequences, offers some new tax-savings, and includes extensions on several money-saving tax deductions. More Obama Care Repeals Three key tenets of the Affordable Care Act (ACA — AKA “Obama Care”) were repealed in the Tax Consolidation Act, including: The “Healthcare Tax” has been nixed (California, however, has
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Looking to Reduce Your 2019 Income Taxes? Top 10 Year-End Tax Tips…

WOW! Somehow, 2019 totally flooooooooooooooooooown by!? Not sure where the time went? But with the fiscal year-end quickly approach, it’s the time to start thinking about your taxes. And it’s especially important to evaluate your tax situation NOW! Because there are several tax-sheltering measures you can take before December 31st. Measures with the potential to lop a sizable sum off of your 2019 tax bill. And toward that end, here are 10 tax-savings tips… 1.
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How to Take Advantage of Opportunity Zones

When it comes to real estate investing, what single factor takes the biggest bite out of your profit margin? Capital gains taxes. You can expect to lose up to 20% of your returns to Capital Gains when it’s time cash out an investment simply as a matter of course. And if you’re like most investors, this “cost of doing business” is a bitter pill after working tirelessly to amass investment funds, only to have the
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Tax Payers First Act Brings Welcome Reforms to IRS Appeals Process

Few things induce gut-churning panic faster than notice of an IRS audit. It’s a fear to which no taxpayer is immune. But thankfully, the recent passing of the Taxpayer First Act (TFA) is bringing some solace to taxpayers grappling with an IRS audit. Particularly for those appealing an audit. Internal Revenue Service Independent Office of Appeals To begin with, the TFA establishes the Internal Revenue Service Independent Office of Appeals. This new administrative body is
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Tax Reform Highlights – Business Provisions

Although some have criticized the process, priorities, and policies used in the formulation of this major tax system overhaul, we in the tax and accounting industry anticipated action. After several iterations, we finally got our wish for something—anything—in concrete so that we could get tax plans in place before year end and have answers to the many questions that our clients are asking about what tax reform does to their 2018 tax bill. On December
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IRS debt – Ways to consolidate your back taxes

People who have dealt with the Internal Revenue Service (IRS) before know how much of a herculean task it is come out of their grip unscathed. This federal tax collection body is entrusted as the guardian of the nation’s tax code. However, if the ground realities are to be considered, then people are bound to face financial crisis at any moment that may force them stop making tax payments and spend those money on more
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