To our valued clients and friends, In IRS Notice 2020-18, the IRS granted additional relief to individuals impacted by the Covid-19 virus Pandemic. This Notice supersedes Notice 2020-17 by removing the tax payment limits and automatically moves the tax filing date from April 15 to July 15, 2020.
Dear Clients and Friends: We hope that you are keeping yourself, your loved ones, and your community safe from COVID‐19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. Below is summary […]
The “Coronavirus Aid, Relief, and Economic Security Act” (Cares Act) includes many tax and financial breaks for both individuals and businesses. We broke down many of the essential elements and how they can assist you and your business during this troubling time.
To our valued clients and friends: The Secretary of Treasury appears to be moving the tax due date to July 15th: “We are moving Tax Day from April 15 to July 15,” Secretary Steven Mnuchin tweeted. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” He […]
Although most American taxpayers receive a refund each year when they file their income tax returns, there are those who for one reason or another end up owing. However, lots end up owing on April 15th and many don’t have the means to pay what they owe.
The COVID-19 outbreak is affecting every facet of our lives – including our taxes. Check here for all your FAQ to see how you may be impacted.
Isler Northwest LLC is continuing to provide tax and accounting services during the COVID-19 pandemic, while also taking steps to protect the health and safety of our employees and our community. We are closely monitoring local, state and federal announcements and recommendations.
The Tax Cuts and Jobs Act (TCJA, often referred to as tax reform) generally became effective in 2018 and increased the federal estate and gift tax lifetime exclusion amount (LEA) from $5 million per person to $10 million per person. On top of that, the exclusion is annually adjusted for inflation, meaning the LEA for […]
Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes, […]
If you are at or approaching the age of 70, you need to be aware of some changes that Congress made to the tax laws, effective starting in 2020. These changes will have direct impacts on you and the decisions you make related to your retirement accounts. Not only will they affect your federal taxes, […]