Tax

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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no-match letter

What to Do if Your Business Receives a “No-Match” Letter

In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are given to employees and filed with the IRS. Specifically, they…

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teen summer job taxes

Your Teen, a Summer Job, & Taxes: What You Need to Know

When your teen joins the workforce, it can be a rewarding experience for both you and your teen. They gain some financial independence and learn some life lessons, and you as a parent have the opportunity to guide them through those lessons.  However there are some potential daunting tax issues that both the parents and…

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winning money lottery gambling tax implications

The Tax Implications of Being a Winner

If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported…

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identity theft

Tips to Safeguard Your Personal Data and Avoid Identity Theft

For the last four years the IRS has convened a Security Summit with leading private sector firms and federal and state tax administrators and industry professionals. Their focus is to discuss ways to combat existing and emerging threats to the personally identifiable information of taxpayers and develop ways to prevent identity theft and the fraud…

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tax tips student loan

July/August 2019 Tax Tips

Helping employees pay down student loan debt In a 2018 private letter ruling, the IRS gave its blessing to an employer’s innovative student loan repayment (SLR) program. Essentially, the ruling allowed the employer to link matching contributions to employees’ 401(k) plan accounts to either 1) the amount of elective contributions an employee makes to the…

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kiddie tax

The “Kiddie Tax” Hurts Families More Than Ever

Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today. That’s because the Tax Cuts and Jobs Act (TCJA) made…

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new partnership audit rules

Partnerships: If You’re Audited, Will You be Ready?

The Bipartisan Budget Act of 2015 established a new “centralized audit” regime for partnerships, including LLCs taxed as partnerships. Although the new audit rules apply to partnership tax returns for tax years beginning after 2017, the IRS didn’t finalize regulations on these rules until December 2018. A quick refresher Here’s a brief review of the…

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household worker tax

The “Nanny Tax” Must be Paid for More Than Just Nannies

You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a…

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GST tax

The GST Tax and Your Estate Plan: What You Need to Know

The Tax Cuts and Jobs Act doubled the generation-skipping transfer (GST) tax exemption to $10 million beginning last year. The exemption is adjusted annually for inflation. (For 2019, the exemption amount is $11.4 million.) However, even though most families won’t be affected by the GST tax, it’s important to note that, beginning in 2026, the…

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