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Marriage may change certain tax-related issues, so it is important for newlyweds to understand the impact of marriage on their taxes and what needs to be done after the ceremony to ensure a smooth transition into married life. Newlyweds should consider the following tax-related issues after marriage: Name and Address … Continued
IRD Tax Deduction Income owed to a decedent at the time of their death is known as income in respect of a decedent (IRD). IRD assets may be a salary, IRA distributions, or unpaid interest and dividends, among other things. Although IRD assets are normally taxed at the ordinary tax … Continued
On April 29, 2022, the Oklahoma Health Care Agent Act was signed by Governor Stitt and became law in the state. The act codifies the right for Oklahomans to name an agent (power of attorney) of their choice to make healthcare decisions on their behalf. The act reinstates the rights … Continued
Advance Child Tax Credit The Internal Revenue Service began issuing advance Child Tax Credit letters to Taxpayers in late December and will continue throughout January. The letter will include the total amount of advance Child Tax Credit payments Taxpayers received in 2021 and the number of qualifying children used to … Continued
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Due to the enactment of legislation to offset the economic burden wrought by COVID-19, there is a lot to consider when reviewing year-end tax planning options. Pandemic-related tax breaks include an expanded dependent care assistance, payroll tax credits for self-employed individuals, substantial increases in the child tax credit and the … Continued
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Several significant tax law changes took effect in 2021 that may affect your business’s federal tax filings. As the year draws to a close, we should review these changes, as well as your business’s projected taxable income or loss to see what actions might be appropriate before year end to … Continued
Recent changes due to the American Rescue Plan Act have significantly expanded employer eligibility to claim the Employee Retention Tax Credit (ERTC). The ERTC was created to encourage employers to maintain current staffing throughout the pandemic by providing a payroll tax credit based upon wages you pay each employee. Originally … Continued
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
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