by briesterer | Mar 27, 2020 | Tax & Accounting
In FAQs posted on March 23, 2020, the IRS answered many of the questions regarding the July 15 filing and payment extension announced in IRS Notice 2020-18. Note the following highlights: Filing and payment extension is only available for the following returns: Form...
by briesterer | Mar 27, 2020 | Tax & Accounting
Congressional and Administration negotiators reached agreement on the Phase 3 COVID-19 economic stimulus bill early Wednesday morning and just released the legislative text this hour. The Senate and House hope to pass the $2 trillion legislation as quickly as...
by briesterer | Dec 23, 2019 | Tax & Accounting
IRA distribution basics A popular way to transfer IRA assets to charity is through a tax provision that allows IRA owners who are 70½ or older to give up to $100,000 per year of their IRA distributions to charity. These distributions are called qualified charitable...
by briesterer | Dec 16, 2019 | Tax & Accounting
It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim — so slim that many businesses use reverse audits to find...
by briesterer | Dec 16, 2019 | Tax & Accounting
It’s not uncommon for adult children to help support their aging parents. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return....
by briesterer | Dec 16, 2019 | Tax & Accounting
Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, ...
