Erin Kidd, EA

tax due dates

2021 Tax Filing Due Dates

Mark your calendars! The calendar year 2021 due dates for Tax Year 2020 tax returns is now available.  Whenever a regular tax filing date falls on a Saturday, Sunday, or a legal observed holiday in the District of Columbia, the due date for returns is pushed to the next business day. Please note there are…

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employees and taxes

Business, the Remote Worker, and Taxes, Part III: Highlights for Employees

As stressful as this time has been for business owners, employees have also been battling their own stress, fear for the future, and concerns for their families. While the flexibility of remote work has been an excellent benefit, the reality is it can complicate tax matters for employees and businesses. Over the course of three…

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business taxes

Business, the Remote Worker, and Taxes, Part II: Business Entity Related Taxes

The year 2020 has been one for the ages. Travel restrictions, gathering restrictions, and personal health issues have forced businesses to shift their focus, their workforces, and the way they do business. This is the second in our series on business, remote work, and taxes. Over the course of three articles we examine three components…

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employee withholding

Business, the Remote Worker, and Taxes, Part I: Employee Withholding

Congratulations business owner! You’ve pivoted your business and learned how to keep your business going when your employees were ordered to stay at home. You have communicated with your clients and customers and found new ways to accomplish tasks. Breathe. Now that you have handled all the immediate pressing work of being a business owner…

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traditional IRA vs. Roth IRA

2020 May be the Best Year to Convert a Traditional IRA to a Roth IRA

Differences Between Traditional and Roth IRAs The basic premise of a Traditional IRA is that it allows tax-deferred contributions.  This means that if certain criteria are met, taxpayers may deduct the amount of their contributions to their Traditional IRA from their income.  Taxes are paid on Traditional IRAs when distributions are taken. If income is…

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qualified disaster payments

Qualified Disaster Relief Payments Can Include Payments to an Employee

Are your employees struggling to pay everyday items due to COVID-19? There is a way you can help them by providing tax-free payments for assistance and still take a deduction as an ordinary and necessary business expenses.  On March 13, 2020, the president declared the COVID-19 pandemic a national emergency effective March 1, 2020.  This…

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fiduciary returns

Tax Payments for Virginia Fiduciary Returns No Longer Required to be Paid Online

Beginning with returns filed for 2019 tax years, Virginia fiduciary returns are no longer required to make payments electronically or request a waiver in order to not pay online.  A tax return preparer is still required to electronically file fiduciary returns, however. Beginning with returns due on or after January 1, 2018, all Virginia fiduciary…

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dc tax changes tax law

DC Reminds Residents and Businesses of Upcoming Changes to Tax Laws

On Monday, August 26, 2019, the District of Columbia Office of Tax and Revenue issued a reminder to taxpayers about upcoming tax changes.  Some of these changes involve the current calendar or tax year, while others begin October 1, 2019 or with the following tax year.  The tax changes below will take effect October 1,…

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tax relief refund

Who Will Receive the Virginia Tax Relief Refund and When?

The Commonwealth of Virginia passed state legislation in early 2019 in response to the Tax Cuts and Jobs Act which made significant changes to federal tax law.  Eligible taxpayers may receive up to $110 for individuals and $220 for married filing joint filers. Who is an Eligible Taxpayer? To be eligible for the 2019 Tax…

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2020 tax filing due dates

2020 Tax Filing Due Dates

Mark your calendars!  The calendar year 2020 due dates for Tax Year 2019 tax returns is now available.  For 2019 filings only two date filing dates have been adjusted for weekend occurrences. Whenever a regular tax filing date falls on a Saturday, Sunday, or a legal observed holiday in the District of Columbia, the due…

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