Earlier this year, in response to the novel coronavirus (COVID-19) crisis, the IRS postponed numerous federal tax filing and payment deadlines. If you took advantage of the extra time, it’s important not to forget about your return or lose sight of any important details. RECAPPING THE RELIEF For taxpayers with a 2019 federal income tax [...]
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 [...]
Most everyone has heard of a 401(k) plan, and a sizable number of adults likely have at least a passing familiarity with the Roth IRA. What remains less well known among job candidates and employees is the Roth 401(k) plan. This retirement benefit with a twist might be worth offering to your staff, so long [...]
Every year’s tax return provides valuable lessons on the optimal amount that taxpayers should have withheld from their paychecks. Heeding these lessons is especially important if you end up owing a substantial amount of money. Of course, even if you got a nice tax refund, that shouldn’t necessarily be your goal. It essentially means you’re [...]
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 [...]