When taking money out of a business, transactions must be carefully structured to avoid unwanted tax consequences or damage to the business entity. If the loan and repayments are not set up and processed properly, the IRS can reclassify the funding as nondeductible capital contributions and classify
Read more →COVID-19 has presented unique opportunities for charitable giving for the 2020 tax year, which has been addressed in the new Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under the new guidelines, which apply to the 2020 tax year only, taxpayers can donate 100 percent of their
Read more →Due to Covid-19, the IRS extended the tax return filing and payment deadline to July 15, 2020. If you are unable to file your return by this date, you may request an extension which will give you until October 15, 2020 to submit your tax return. However,
Read more →Are you behind on filing your federal income tax return or paying your federal IRS taxes in the last year or more? If so, you’re not alone. More than 22 million taxpayers in the U.S. have either failed to file a tax return or are behind in
Read more →When the CARES Act was signed into law, it created the Paycheck Protection Program (PPP), which is a new loan designed to help small businesses pay employee wages and other critical expenses. Proceeds from this loan can be forgiven if certain criteria are met. Once the PPP
Read more →IRS and Congress have given individuals a number of ways to build up their cash reserves and/or pay less in taxes. Here are a few opportunities for taxpayers. Stimulus checks from the IRS Many of you received stimulus checks in the last month as a result of
Read more →At the end of 2019, the SECURE Act (Setting Every Community Up for Retirement Enhancement Act) was signed into law, modifying RMD (required minimum distribution) rules for inherited IRAs and retirement accounts. Under the SECURE Act, inherited IRAs and retirement accounts must be distributed and taxed within
Read more →Everyone loves getting a tax refund, right? Not us! We’ll explain why; but first let’s cover some basics about filing deadlines and refund timing. Preparing, Filing and Acceptance of Returns There are several steps your tax professional goes through with your return. Here is a very rough,
Read more →Both the IRS and Treasury have announced that the deadline to file AND pay your individual federal and Alabama state income tax for the tax year of 2019 has been extended to July 15, 2020. Many states have extended their deadlines as well; please check with us
Read more →What is the Augusta Rule? The Augusta Rule, known to the IRS as Section 280A, allows homeowners to rent out their home for up to 14 days per year without needing to report the rental income on their individual tax return. Originally created to protect residents of
Read more →
