Entries by IslerNW

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IP PINs to Be Available to All Individuals in 2021

From the Tax Adviser | By Sally P. Schreiber, J.D. Starting in January, the IRS will allow all individuals to receive an identity protection personal identification number (IP PIN). The IRS announced (IR-2020-267 (https://www.irs.gov/newsroom/national-tax-security-awareness-week- part-3-irs-expands-identity-protection-pin-opt-in-program-to-taxpayers-nationwide)) on Wednesday that it will unveil a portal in mid-January 2021, expanding to all individual taxpayers the opt-in program to […]

December 27, 2020 by
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Help Is on the Way – Emergency Coronavirus Relief Agreement Reached

Emergency Coronavirus Relief Act of 2020 Stimulus Payments Unemployment Assistance CDC Eviction Moratorium Paycheck Protection Program Loans Earned Income Tax Credit & Child Tax Credit School Funding Child Care Transportation After months of political bickering, Congress has reached an agreement on an emergency coronavirus relief bill and the President has said he would sign it. […]

December 23, 2020 by
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5 Reasons Why You May Not Receive a Stimulus Check

From Forbes.com | Kelly Anne Smith Forbes Advisor Staff The harsh economic consequences of the COVID-19 pandemic and the widespread shutdowns needed to contain it are starting to set in. More than 30 million Americans have filed for unemployment and more will. In an effort to keep financially distressed Americans afloat, Congress has responded with a […]

December 22, 2020 by
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Qualified Opportunity Zone Rules Are Relaxed– Need to identify QOF property by December 31

From The Journal of Accountancy, by Sally P. Schreiber, J.D. In Notice 2020-39, the IRS extended some deadlines for investing in qualified opportunity funds (QOF) and relaxed some investment requirements to make it easier for QOF investors to deal with the coronavirus pandemic. The QOF program created a process for designating certain low-income communities and […]

December 21, 2020 by
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Tax Law Changes Allow Year-End Charitable Planning Opportunities

  As the end of the tax year approaches, it is worth spending a few minutes reviewing some of the changes that have been made in the tax laws surrounding donations to charities. In some cases, this guide will serve as a refresher regarding revisions made over the last few years, while in other cases […]

November 21, 2020 by
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IRS Releases Inflation Adjustments for 2021

Article Highlights:    Standard Deduction Transportation Fringe Benefits Retirement Plans Contribution Limits SIMPLE Retirement Accounts IRA Contribution Limits Health Flexible Spending Accounts Education Credits Estate Tax Exclusion Annual Gift Exclusion Sec 179 Expensing Deduction Foreign Earned Income Exclusion Alternative Minimum Tax Adoption Credit Tax Rate Schedules To cope with inflation, the tax code requires the IRS […]

November 21, 2020 by
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Don’t Miss Out on Year-End Tax-Planning Opportunities

Article Highlights: Unemployment Benefits Taxability To Skip or Not Skip the 2020 Required Minimum Distribution Special Charitable Giving Opportunities Divorced or Separated Planning Issues Potential State Health Insurance Penalties Dealing with Disaster Losses in 2020 Retroactive Kiddie Tax Rules – Amended Opportunity Retroactive Tax Benefits May Provide Refunds Preparing for Home Sale Reporting Avoiding Underpayment […]

November 21, 2020 by
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Beware of New Text Scam Related to Stimulus Payments

Article Highlights: New Clever Scammer Scheme Uses Economic Impact Payments as Bait The Text Message How to Report a Scam How to Correctly Provide Information to Claim a Payment The IRS has warned taxpayers of a clever scheme by internet scammers to dupe taxpayers into revealing their bank account information under the guise of receiving […]

November 21, 2020 by
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IRS Clarifies Stance On No Deductibility Of Expenses Paid With PPP Funds

Dear friends and clients, On Wednesday, November 18, the IRS issued further guidance regarding the tax deductibility of business expenses paid with Paycheck Protection Program loan proceeds. The article below published in Forbes.com and written by their frequent contributor Brian Thompson does an excellent of summarizing the IRS stance and how it may impact business taxes for 2020. […]

November 20, 2020 by