EMERGENCY FAMILY AND MEDICAL LEAVE ACT Effective date: Effective April 2, 2020; the law expires on December 31, 2020 Covered Employer: An employer with fewer than 500 employees. Eligible Employee: Any full-time or part-time employee that has been on the employer’s payroll for 30 calendar days. Reasons for FMLA Leave: … Continued

More specifics about the implementation of these provisions will be shared soon. Highlights of the key actions in the IRS People First Initiative include: Existing Installment Agreements –For taxpayers under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are suspended. Taxpayers who are currently unable … Continued

As a year-end holiday gift, Congress included a number of individual and business friendly tax provisions in its year-end spending package that was signed into law by President Trump on December 20, 2019. The “Further Consolidated Appropriations Act, 2020” (2020 Act) brought back to life many deductions and credits that … Continued

2019 Tax Planning

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As the end of the year is fast approaching, we should consider any last-minute strategies that might help reduce your 2019 tax bill. Last year was the first year to be impacted by the Tax Cuts and Jobs Act of 2017 (TCJA). While there was no significant new legislation in … Continued

Victims of the May 7, 2019 flooding and severe storms that took place in Oklahoma may qualify for tax relief from the Internal Revenue Service. Individuals who reside or have business in Canadian, Cherokee, Creek, Delaware, Kay, Le Flore, Logan, Mayes, Muskogee, Noble, Nowata, Okmulgee, Osage, Ottawa, Payne, Pottawatomie, Rogers, … Continued

For tax years that begin after Dec. 31, 2017 and before Jan. 1, 2026, noncorporate taxpayers that meet certain requirements may claim an income tax deduction under Code Sec. 199A of 20% of their “qualified business income” (QBI) from a partnership, S corporation, or sole proprietorship. Code Sec. 199A allows … Continued

The new tax law has created a method of tax savings by providing tax benefits to taxpayers who reinvest capital gains into vehicles called Qualified Opportunity Funds.  These funds hold at least 90% of their assets in Qualified Opportunity Zone Property, which is property in low-income communities.  If taxpayers take … Continued

This month, the IRS will begin implementation of new procedures affecting individuals with “seriously delinquent tax debts.” These new procedures implement provisions of the Fixing America’s Surface Transportation (FAST) Act, signed into law in December 2015. The FAST Act requires the IRS to notify the State Department of taxpayers the … Continued