Archives for Tax Return

What Are The Tax Consequences of Accepting Stimulus Funds?

  Could there be a light at the end of the tunnel? Well, the COVID-19 infection rate (and mortality total) in LA County is not as encouraging as one might hope. But overall, stats are improving. Setting aside, of course, the overall national death toll, which has crested 100,000 (and some predict may double before this crisis has completely dissipated). And as if the situation isn’t dire enough, already agitated citizens took to the streets
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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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California Establishes An Individual Mandate for Health Insurance Coverage

The Affordable Care Act (ACA) – AKA Obama Care – has yet to be totally repealed. And it’s more likely to be replaced rather than canceled without a credible alternative in place. But several key elements of the program have been excised since the Trump Administration won the White House in 2016. This includes removing the penalty for failing to purchase health insurance. The “Individual Mandate,” as it was originally known, required every citizen to
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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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Tax Reform Highlights – Individual 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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Tax Season – Time to Get Organized and Start Filing

If you didn’t begin creating year-end tax plans before last December 31, it could be worth your while now to start gathering together all your documentation and get organized. The Internal Revenue Service started accepting tax returns as of Tuesday, January 19, though you could have prepared a return on paper or with tax software and submitted it earlier. The IRS wouldn’t accept such returns until the 19th however. Filing early helps to lower any
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2015 Strategic Tax Planning for Businesses

YEAR-END BUSINESS PLANNING As with prior years, business tax planning is unsure due to the expiration of many popular but temporary tax breaks that have been of an “extenders” package of legislation. Another factor leading to uncertainty is the far-reaching Affordable Care Act. Additional changes to the tax law in 2015 made by new regulations and other IRS guidance also need to be weighed when evaluating year-end strategies. Code Sec. 179 Expensing Code Sec. 179
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2015 Strategic Tax Planning for Individuals

YEAR-END INDIVIDUAL PLANNING As in years past, there may be value in the customary year-end methods of shifting income. Taking stock of income and expenses to determine whether measures to defer or accelerate one or the other, before the close of the current tax year, should be considered as applicable at year-end 2015 as it has been in the past. As markets continue to adjust and fluctuate, it makes sense to evaluate current gains and
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