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2020 & 2019 IRS Rates and Limitations Schedule

2020 and 2019 IRS Rates and Limitations Schedule In this post you will find answers to frequently requested IRS rates and limitations such as the retirement contribution limits, auto mileage rates and many others. Please contact us if you have…

Cash payments and tax relief for individuals in new law

Cash payments and tax relief for individuals in new law A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains…

The new COVID-19 law provides businesses with more relief

The new COVID-19 law provides businesses with more relief On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid,…

Individuals get coronavirus (COVID-19) tax and other relief

Individuals get coronavirus (COVID-19) tax and other relief Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax…

Coronavirus (COVID-19): Tax relief for small businesses

Coronavirus (COVID-19): Tax relief for small businesses Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing…

Many business owners ask: How can I avoid an IRS audit?

Many business owners ask: How can I avoid an IRS audit?  Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited…

Inheriting property? Be aware of the basis consistency rules

Inheriting property? Be aware of the basis consistency rules If you’re in line to inherit property from a parent or other loved one, it’s critical to understand the basis consistency rules. Current tax law, passed in 2015, provides that the…

The tax aspects of selling mutual fund shares

The tax aspects of selling mutual fund shares Perhaps you’re an investor in mutual funds or you’re interested in putting some money into them. You’re not alone. The Investment Company Institute estimates that 56.2 million households owned mutual funds in…