On December 20, 2019, the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” was signed into law for the 2020 fiscal year. The legislation included a provision which has repealed IRC Section 512(a)(7), known as the “Parking Tax” for tax-exempt entities, as well as a provision that simplified the net investment income tax imposed…Read More
Parenthood is an adventure. It is challenging, exciting, fulfilling and – sometimes – stressful. This is the second of two articles that address tax issues parents often encounter. Our first article covered parents’ filing status change, income exclusions, some deductions, household employee requirements, and tax return filing for children. This article covers tax credits parents…Read More
One of the most exciting (and nerve-wracking) times of your life is having a child. The uncertainty, anxiety and stress associated with planning for that special date can be overwhelming, and then they start to grow up! Like all the wonderful and challenging moments that come with parenting, there are a variety of tax implications…Read More
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