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2020 Retirement Plan Limits Announced

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 [...]

Explaining Required Minimum Distributions aka RMDs

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 [...]

Count on a Cutting-Edge Tax Break

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 [...]

New Law Aims to Put Taxpayers First

Congress passed the “Taxpayer First Act” in late June. This new groundbreaking legislation creates an independent office of appeals within the IRS, modernizes IRS operations and improves cyber security measures. The new law also expands safeguards addressing ID theft of taxpayers. But this is likely not the end of the story. Most experts believe [...]

By |2019-09-23T17:20:06+00:00September 23rd, 2019|Individual Tax, News & Events|0 Comments

Tip to Increase Qualified Business Income (QBI) Deduction

Recently released IRS form 8995 instructions indicate that taxpayers filing business returns must reduce qualified business income by charitable deductions.  A reduction in qualified business income reduces the potential qualified business income deduction.  Although this provision is not in the Section 199A regulations, the reduction in qualified business income can be avoided by making [...]

Is Estate Planning on the Menu?

Are you caught between the needs of young children and elderly relatives like your parents? If so, you are part of the growing segment of the population known as the “sandwich generation.” In particular, it may be difficult to care for loved ones as they grow older and require more care. To compound the problems, [...]

By |2019-09-04T20:14:50+00:00September 4th, 2019|Estate & Trust, News & Events|0 Comments

Three Safe Harbors for Business Repairs

Do you need to make repairs to your business premises or equipment? It can make a big tax difference if the work is characterized as a “repair” or an “improvement.” In brief, a repair is currently deductible by your business, while the cost of an improvement must be written off over time. The IRS and [...]

FASB Updates on Leases & Revenue Recognition

Lease Accounting  The FASB has approved a one year deferral for implementation for nonpublic companies.  This deferral effectively pushes the new requirement to record assets and liabilities for certain operating leases until 2021 for calendar year financial statements. Revenue Recognition As a reminder, the changes to revenue recognition are still effective this year for nonpublic [...]

By |2019-07-26T18:43:23+00:00July 26th, 2019|Accounting & Auditing, News & Events|0 Comments