The IRS has outlined important deadlines for tax year 2020 in this calendar. Dates and details are listed within for your convenience. Make sure you add pertinent dates to your calendar. We have also included recent announcements regarding tax relief for the victims of the California wildfires and Hurricane Delta. We recommend setting up an appointment with us to review any questions you may have.
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Businesses are facing a variety of federal, state, and local laws. These laws govern how to determine employee or independent contractor status.
This new Department of Labor rule may be a game-changer for many.
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The Small Business Administration (SBA) and the Treasury Department continued their unrelenting release of new rules surrounding the Paycheck Protection Program (PPP) loan forgiveness on October 11 and October 15. Here’s what you need to know:
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If you are 70 ½ or older, you are eligible to make a Qualified Charitable Distribution (QCD) from your IRA directly to a qualified charity. By electing to make a QCD, the distribution of these funds will be reported as a distribution and will count toward the required minimum distribution from the IRA, but will not be included in taxable income.
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Under the new Tax Cuts & Jobs Act (TCJA), the standard deduction available to taxpayers has increased to $24,000 for those who file as Married filing Jointly, $18,000 for Head of Household, and $12,000 for Single or Married Filing Separately. Due to this increase, it is estimated that the number of taxpayers who itemize their deductions will fall from around 30% to less than 10%.
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