Posted by Jordon N. Rosen, CPA, AEP The BLS Team is actively monitoring the rapidly developing changes related to COVID-19 and will continue to provide updates as they apply to our clients, employees, vendors and the community. Not surprisingly, Treasury Secretary Steven Mnuchin announced this morning that the traditional Tax Filing Day of April 15 is being moved to July 15, … Continued
Posted By Jordon N. Rosen, CPA, AEP I thought I had seen it all after 42 years in practice. I was wrong. The events surrounding the Coronavirus pandemic that have changed our daily lives for the foreseeable future, will also have an impact on how we will be filing our 2019 income tax returns and making payments which are due … Continued
As of March 16, 2020, the Delaware, Maryland, and Pennsylvania Division of Revenue posted the following alerts: Delaware: The Delaware Division of Revenue has issued an announcement that while the State of Delaware has declared a state of emergency to prepare for the spread of the coronavirus, all state offices currently remain open. Maryland: The Maryland Comptroller’s Office announced that … Continued
Posted by Michael H. Abernathy Jr, CPA Although Congress incentivizes individuals to save for retirement by allowing various tax-free savings vehicles, they do eventually require taxpayers to dig into their nest eggs. When taxpayers reach age 70 ½ they must withdraw at least a specified minimum amount of funds from their retirement accounts each year. These required minimum distributions (RMDs) … Continued
Posted by Michael H. Abernathy Jr., CPA For S-Corporation owners, complex regulatory environments and constantly changing tax laws make deciding upon the correct method and amount to pay yourself a burdensome endeavor. S-Corporation owners have an incentive to characterize income taken out of their business as owner distributions instead of wages to avoid payroll taxes and create potential Qualified Business … Continued
By Steve Ritchie, CPA Due to increased enforcement and related assessment of penalties for failing to timely and accurately file Forms 1099, we felt it was important to share the following requirement and due date information specifically associated with Forms 1099. Important Form 1099 Due Dates January 31, 2020 Form 1099-MISC information returns, used to report Nonemployee Compensation (NEC) … Continued
Posted by Jordon N. Rosen, CPA, AEP In the aftermath of the Tax Cuts and Jobs Act (TCJA), many taxpayers who used to be able to itemize deductions prior to 2018, now find themselves not being able to itemize and claiming the standard deduction. For 2019, the standard deduction is $24,400 for a married couple and $12,200 for a single … Continued
Prior to 2018, taxpayers could take a deduction for personal casualty losses experienced during the tax year.
Posted by Amy L. Gordon, CPA The marriage tax penalty or benefit occurs from a change in a couple’s tax liability as a result of marriage and subsequently filing jointly. The marriage tax penalty results when the tax burden of a married couple filing jointly is greater than that of an unmarried couple filing separately. This penalty has impacted married … Continued
Did you file a timely income tax return and then realize you missed something or made a mistake?