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Personal Tax

Tax provisions in the American Rescue Plan Act of 2021

The American Rescue Plan Act of 2021 (ARPA), signed by President Biden on March 11, 2021, is the latest major legislation that provides economic relief and stimulus, both tax and non-tax, during the Covid-19 pandemic. Below are brief summaries of the key aspects of the tax provisions in ARPA. Provisions Affecting Individuals. Recovery rebate credits (stimulus checks). ARPA provides a third round of nontaxable stimulus checks directly payable to individuals. The payments are structured as refundable tax credits against 2021 taxes but will paid in 2021 (not 2022). The maximum payments are $1,400 per eligible individual ($2,800 for married joint filers) and $1,400 for [...]

2021-11-08T08:58:49-07:00November 8th, 2021|Business Tax, Personal Tax|Comments Off on Tax provisions in the American Rescue Plan Act of 2021

Tax Implications of Divorce

I'm writing to provide you with information that could be helpful for individuals facing a divorce or legal separation. Unfortunately, in addition to the difficult personal issues the process entails, several tax concerns need to be addressed to ensure that tax costs are kept to a minimum and that important tax-related decisions are properly made. Please call me if I can be of assistance regarding any of these matters. Support/alimony provisions. Where one spouse is to be making support payments to the other upon divorce or separation, the deductibility of the payments by the payor and their taxability to the [...]

2019-12-03T14:50:38-07:00May 1st, 2020|Personal Tax|Comments Off on Tax Implications of Divorce

Economic Impact Payments under the CARES Act.

You've probably heard that IRS will be making millions of “economic impact payments” (also called “recovery rebates”) in the coming months to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. Here's what you need to know about this program. Amount of payment. IRS has begun making payments of up to $1,200 to eligible taxpayers or up to $2,400 to married couples filing joint returns. Parents will get an additional $500 for each dependent child under age 17. Thus, the payment for a married couple with two children under 17 will be $3,400. Who is eligible. U.S. [...]

2020-04-20T13:53:51-07:00April 20th, 2020|Personal Tax|Comments Off on Economic Impact Payments under the CARES Act.

Info: Tax Relief provided by the CARES Act

We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. In addition to the summary of IRS actions and earlier-enacted federal tax legislation that I previously sent you, I now want to update you on the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress’s gigantic economic stimulus package that the President signed into law on March 27, [...]

2020-04-02T11:37:17-07:00April 1st, 2020|Business Advisory, Business Tax, General Consulting, Personal Tax|Comments Off on Info: Tax Relief provided by the CARES Act

Arizona Tax Deadlines Extended

The Arizona Department of Revenue has announced the deadline for filing AND paying state income taxes has been moved from April 15, 2020 to July 15, 2020.  Taxpayers submitting returns or paying after the original April 15 deadline will not be assessed late filing or late payment penalties.  Please note, the News Release is silent as to interest, which is written into law, and requires an act of legislation to modify. We believe interest will still apply.

2020-03-24T10:37:08-07:00March 24th, 2020|Personal Tax|Comments Off on Arizona Tax Deadlines Extended

News: Tax Deadline Moved to July 15

You may be reading a lot in the media about tax changes, but there is a lot of misinformation out there, so I wanted to give you an update: Filing Delay. You have until July 15, 2020 to file your Form 1040 or Form 1120 for C corporations. You can request an additional extension before July 15, 2020 until October 15, 2020. If you have to report foreign assets or income, we still need to file or extend by April 15, 2020. IRA contributions for 2019 are still due by April 15, 2020. I strongly recommend preparing the return before [...]

2020-03-24T09:52:28-07:00March 24th, 2020|Personal Tax|Comments Off on News: Tax Deadline Moved to July 15

Taxpayer First Act & Introduced Legislation

Taxpayer First Act Last week, Congress passed the Taxpayer First Act, a tax reform bill that has several provisions championed by the National Association of Enrolled Agents. The Act establishes an Independent Office of Appeals to serve as an independent judiciary for administrative actions (examination and collection determinations) by the IRS. While an Office of Appeals exists within the current IRS structure, it is not a completely independent structure. The Office of the Taxpayer Advocate is strengthened as well. The Act also prescribes changes to the customer service strategy, allows for exceptions from user fees for low-income taxpayers, and changes [...]

2019-06-24T11:19:45-07:00June 21st, 2019|Business Tax, Personal Tax|Comments Off on Taxpayer First Act & Introduced Legislation

Effects of Tax Cuts and Jobs Act

The Congressional Research Service, a division of the Library of Congress, has released a preliminary report detailing the effects of the 2017 Tax Cuts and Jobs Act, which lowered marginal tax rates and made other modifications to the tax code for the 2018 tax year and beyond. The service reports that there was no discernible change in federal gross domestic product (GDP) and that "the growth effects tend to show a relatively small (if any) first-year effect on the economy." Neither GDP nor wages saw a statistically significant change. The Congressional Budget Office initially estimated that total revenues would fall [...]

2019-06-24T11:22:31-07:00May 22nd, 2019|Business Tax, Personal Tax|Comments Off on Effects of Tax Cuts and Jobs Act

Interest on Home Equity Loans Often Still Deductible Under New Law

IR-2018-32, Feb. 21, 2018 WASHINGTON — The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labelled. The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity [...]

2018-03-03T12:11:05-07:00March 3rd, 2018|Personal Tax|Comments Off on Interest on Home Equity Loans Often Still Deductible Under New Law

Last-minute year-end moves in light of Tax Cuts and Jobs Act

Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there's still a narrow window of time before year-end to soften or avoid the impact of crackdowns and to best position yourself for the tax breaks that may be heading your way. Here's a quick rundown of last-minute moves you should think about making. Lower tax rates coming. The [...]

2017-12-20T14:06:38-07:00December 20th, 2017|Business Tax, Personal Tax|Comments Off on Last-minute year-end moves in light of Tax Cuts and Jobs Act
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