If you still have a large unpaid tax bill, watch out. A 2015 law allows the U.S. State Department to deny your passport application – or revoke or limit your current passport – if the IRS certifies that you have seriously delinquent tax debt (SDTD). You have an SDTD if 1) you owe more than [...]
Now, more than ever, you need QuickBooks to track what needs to be done. COVID-19 has transformed the entire U.S. small business landscape in just a few short months. Companies are struggling to stay afloat. We all just want to get back to “normal,” but it’s unclear when that will happen. We’d like to help [...]
If you’re selling a business interest, real estate or other highly appreciated property, you could get hit with a substantial capital gains tax bill. One way to soften the blow – if you’re willing to tie up the funds long term – is to “roll over” the gain into a qualified opportunity fund (QOF). WHAT [...]
The Tax Cuts and Jobs Act created a new tax credit for certain employers that provide paid family and medical leave. Originally, it was available only for the 2018 and 2019 tax years. However, in December, a new law extended credit through 2020 for eligible employers that have a written policy providing at least two [...]
Most people have April 15 “tattooed on the brain” as the deadline for filing their federal income tax returns. What you may forget is that the gift tax return deadline is one the very same date. So, if you made large gifts to family members or heirs last year, it’s important to determine whether you’re [...]
“Beware the Ides of March.” Shakespeare’s words don’t just apply to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March – March 15 – is the federal income tax filing deadline for these “pass-through” entities. [...]