Transferring a Primary Residence to Children

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From the FI Tax Guy How do you pass your family’s house to your children? It’s a pressing question and involves significant tax, legal, and emotional considerations. Unfortunately, it is a topic about which there is much confusion. This…

Top 10 year-end tax planning tips

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From Accounting Today Between the upcoming presidential election and the COVID-19 pandemic and its attendant stimulus packages, this year has seen more than its share of uncertainty around tax — which makes helping clients…

IRS Provides Tax Relief for Victims of Oregon Wildfires

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From the Oregon Society of Certified Public Accountants WASHINGTON — Victims of the Oregon wildfires and straight-line winds that began on Sept. 7 now have until Jan. 15, 2021 to file various individual and business tax returns…

October’s Extended Due Date Is Fast Approaching

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Article Highlights:  October 15 extended due date for filing federal individual tax returns for 2019. Late-filing penalty. Interest on tax due. Other October 15 deadlines. Because of the COVID-19 pandemic emergency, the IRS…

PPP Interim Final Ruling Summary

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 To our valued clients:  The US Small Business Administration and Treasury recently issued an interim final rule clarifying Paycheck Protection Program forgiveness issues surrounding owner-employee compensation and the eligibility of rent…

IRS Extends the Opportunity to Defer Capital Gains

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IRS Extends the Opportunity to Defer Capital Gains Article Highlights: Tax Benefits Investment Period Qualified Opportunity Zone Funds Qualified Opportunity Zones Deferral Period 10 Year Election As part of tax reform…
Trump-v-Biden-on-Tax-Plans

Compare the Potential Tax Plans of Trump v. Biden

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As the November elections approach, you might want to know what the two front-running presidential candidates’ tax plans for the future are. The following is an overview of their positions, at least what is known now. However, the political…

IRS makes Form 1040-X amended tax returns available for e-filing

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From   Michael Cohn, Editor-in-chief @ Accounting Today The Internal Revenue Service is now letting taxpayers submit Form 1040-X electronically when they want to file an amended tax return through commercial tax software, in what the agency…

Watch Out for Tax Penalties

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Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply not aware of the penalties or the possible impact on their wallets. As tax season approaches, let’s look at some of the more commonly encountered…

What President Trump’s Executive Order Means for You

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We are still waiting for the dust to settle on what President Trump’s executive orders mean for taxpayers and business owners. There is a lot of talk about legal challenges and how Congress may react. But here is a summary of what we know…