April 2, 2020
Gift Tax Extension
July 15, 2020 is now the deadline to file Gift Tax and Generation Skipping Transfer Tax Returns for 2019. Background Today, Treasury issued Notice 2020-20 which provides and automatic extension of time until July 15, 2020, to file 2019 Gift Tax and Generation Skipping Transfer (GST) Tax Returns (Form 709) and an extension of time …
Converting Traditional IRA to ROTH with Charitable Contributions
With traditional IRAs at depressed values, consider converting the IRA to a ROTH IRA in combination with an increase in your charitable contributions. The result could be zero tax on the conversion. Summary A Roth IRA is an IRA that, except as explained below, is subject to the rules that apply to a traditional IRA. …
CARES Act Summary for Nonprofits
President Trump recently signed a $2 trillion legislative package to combat the coronavirus pandemic, bringing much needed economic relief to employers and employees impacted by the COVID-19 virus. The House of Representatives overwhelmingly approved the legislation, which was passed by a unanimous vote by the Senate. This third coronavirus relief package, the Coronavirus Aid, Relief, …
March 27, 2020
COVID-19 and the Impacts to ASC 740 Income Tax Accounting
Companies affected by the COVID-19 pandemic need to consider the income tax accounting implications resulting from the current economic environment and the anticipated bill likely becoming law before March 31st. For companies with the March quarter ends, they will need to act fast in order to incorporate impacts into their tax provisions. The consideration to …
March 24, 2020
COVID-19: Estate and Wealth Transfer Planning Steps to Consider
During this time of uncertainty, we hope you and your loved ones are staying safe health-wise. In the current environment, there are also some financial planning steps you may want to consider. Estate Planning Documents For anyone who does not currently have any estate planning documents, we highly recommend that you contact an estate planning …
August 1, 2017
A Refresher on the ACA’s Tax Penalty on Individuals Without Health Insurance
Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year. This requirement is commonly …
April 18, 2017
Individual Tax Calendar: Key Deadlines for the Remainder of 2017
While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that are important to be aware of. To help you make sure you don’t miss any important 2017 deadlines, here’s a look at when some key tax-related forms, payments …
April 11, 2017
A Timely Postmark on Your Tax Return May Not Be Enough to Avoid Late-Filing Penalties
Because of a weekend and a Washington, D.C., holiday, the 2016 tax return filing deadline for individual taxpayers is Tuesday, April 18. The IRS considers a paper return that’s due April 18 to be timely filed if it’s postmarked by midnight. But dropping your return in a mailbox on the 18th may not be sufficient. …
April 12, 2016
What 2015 Tax Records Can You Toss Once You’ve Filed Your Return?
The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge. The 3-year Rule At minimum, keep tax records for as long as the …
July 14, 2015
How to Begin Collecting Your 2015 Tax Refund Now
If you usually receive a large federal income tax refund, you’re essentially making an interest-free loan to the IRS. Rather than wait until you file your 2015 tax return in 2016, why not begin enjoying your “refund” now by reducing your withholdings or estimated tax payments for the remainder of 2015? It’s particularly important to …