As part of an appropriations measure, Congress passed a flurry of new tax legislation at the end of 2019. These new rules may have an impact on 2019 tax returns to be filed in 2020. Notably, the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” extends through 2020 several tax breaks for individuals [...]
The IRS has announced new tax relief for expatriates who meet certain requirements (IR-2019-151, 9/6/19). This relief only applies to individuals who have not filed federal tax returns as U.S. citizens or residents, owe a limited amount of back taxes and have net assets of less than $2 million. Also, past compliance failures must have [...]
In order to align the Form W-4 for employee withholding with the new Federal Tax Cuts & Jobs Act of 2018, the IRS has issued a new Form W-4 for the year 2020. What must you do as an employer? Beginning January 1, 2020, insure that the required employees provide the completed 2020 Form [...]
FOR PRINT FILE AND PDF Dear Clients and Friends: Year-end tax planning in 2019 remains as complicated as ever. Notably, we are still coping with the massive changes included in the biggest tax law in decades—the Tax Cuts and Jobs Act (TCJA) of 2017—and pinpointing the optimal strategies. This monumental tax legislation includes a myriad [...]
Many small business owners are still sorting through the massive changes included in the Tax Cuts and Jobs Act (TCJA). Generally, as opposed to the provisions for individuals, the rules affecting businesses are permanent in nature. Keeping that in mind, following are six year-end planning strategies to consider in 2019. Maximize Section 179 deductions. The [...]
The Tax Cuts and Jobs Act (TCJA) of 2017—passed almost two years ago—continues to have a significant impact on year-end planning in 2019. Many of the changes in the TCJA for individuals are effective for 2018 through 2025. Accordingly, consider these six strategies for reducing your personal tax bill this year. Manage securities transactions. Depending [...]
The retirement plan limits for 2020 have been released. The 401(k) and SIMPLE IRA deferral limits increased, along with the catch-up contributions for 401(k), maximum plan compensation, the annual addition limit and the taxable wage base. Other limits, such as the contribution limit for personal IRAs, catch-up contributions for both SIMPLE IRAs and personal [...]
We get asked a lot of questions about IRAs, and their required minimum distributions or RMDs. So Mindy Norton with our JMF Pension Consulting group provided the following synopsis to help explain. As an individual, you are required to begin taking minimum distributions from your traditional IRA in the year in which you turn [...]
The Tax Cuts and Jobs Act (TCJA) created some new tax breaks for businesses while taking certain others away. But the TCJA did not touch the research credit for qualified expenses. What’s more, under another recent law, the Protecting Americans from Tax Hikes (PATH) Act, the benefits have been enhanced. Background: The research credit, also [...]
Are you planning to take out a home equity loan to pay for home improvements? Unfortunately, the Tax Cuts and Jobs Act (TCJA) cracks down on mortgage interest deductions for home equity loans, among other changes. However, if you play your cards right, you may have an ace in the hole. How it works: Due [...]