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Three Ways to Maximize Your Investment Interest Deductions Dear Clients: With the CARES Act, Congress decided to waive all 2020 required minimum distributions (RMDs). What if you already took out your annual RMD before Congress changed the law? The IRS just granted you brand-new mercy to fix the issue,...

Potential Estate and Gift Tax Threat: Should You Worry? Over the past few decades, federal taxes have generally trended lower. That era may be coming to an end, especially for well-off individuals. The major factor to consider is that our country might finally be forced to confront the issue...

IRS Enables Millions to Qualify for the $100,000 IRA Grab and Repay New IRS guidance expands the possibilities for what is an adverse COVID-19 impact on you for purposes of taking up to $100,000 out of your retirement accounts and repaying it without penalties. First, let’s look at the...

The COVID-19 pandemic may create tax benefit opportunities for you and your family members. For example, you could hire your under-age-18 children, pay them, say, $10,000 each, and they could pay zero federal income taxes. And you or your corporation, the employer, would deduct the $10,000 you paid to...

PPP Forgiveness – Corps & Partnerships If you operate your business as a partnership or an S or C corporation, you face entity-specific Payroll Protection Program (PPP) loan forgiveness rules that apply to you as an owner-worker in the business. The rules that apply to you do not apply...

New Easy Road to 100 Percent Forgiveness How much is clarity worth? A lot, a whole lot. And how much is making things easier worth? Of course, it’s a lot, a whole lot, too. We now have both the new (a) clarity and (b) easy road to Paycheck Protection...

IRS postponed almost all tax payments due in the past few months until July 15, 2020 Due to COVID-19, the IRS postponed almost all tax payments due in the past few months until July 15, 2020. Now—it’s time to pay Uncle Sam. If you have the cash, you may...

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Quick Cash: COVID-19 CARES Act Creates Five-Year NOL Carryback For many years, thanks to the net operating loss (NOL) provisions, the tax code gave you quick cash in your pocket if you had an overall net loss in a tax year. Unfortunately, starting in 2018, the Tax Cuts and...