Tax Alerts from CCH

You may have read one of the many headlines which represent the forgiveness of the Payroll Protection Program (PPP) loans is not taxable. While this statement is technically truthful, it is not the whole story. We have received more information in the last few months that the Internal Revenue Service (IRS) will be interpreting the law such that PPP loan forgiveness is taxable.

It is possible that additional COVID-19-related tax changes may be implemented as the year progresses. As always, we are paying close attention to the ever-changing tax environment to discover tax planning opportunities that may put more cash in your pocket. In the meantime, here are some ideas to evaluate this fall.

All taxpayers who have taken a required minimum distribution (RMD) in 2020 (including those taken in January and February), from an eligible retirement account, now have the opportunity to roll those funds back into a retirement account by August 31, 2020. (IRS Notice 2020-51)

Yes, you have heard correctly! The IRS has automatically extended all 2019 tax returns, whose original filing dates were April 15, 2020, until July 15, 2020.

Over the past several months, we have digested the many tax law changes brought by the Tax Cuts and Jobs Act (TCJA). From a significantly lower corporate tax rate to a new deduction for qualified business income, the TCJA brings a host of planning opportunities for your business. This letter presents some tax planning ideas under the TCJA for you to think about while there is time left in 2018 to take tax-saving actions.

Over the past several months, we have digested the many tax law changes brought by the Tax Cuts and Jobs Act (TCJA). These changes bring a host of uncertainties as well as planning opportunities. From lower tax rates to a new deduction for pass-through income, the new tax law may mean more cash in your pocket.

As year-end approaches, each business should consider the many opportunities that might be lost if year-end tax planning is not explored. Your business may even want to consider several general strategies, such as the use of traditional timing techniques for delaying income recognition and accelerating deductions. You may also consider customized strategies tailored to your business’s particular situation.

As we get closer to the end of yet another year, it is time to tie up the loose ends and implement tax saving strategies. This has been an interesting year in Washington. When the year started, it seemed highly likely that the tax law would receive a dramatic makeover this year. Now, with just under two months left in 2017, we have seen a lot of bickering in Washington but no sweeping tax law changes. Of course, there is still time, but there is also a lot of ground left to cover.

As the end of the year approaches, it is a good time to think of tax planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the planning challenge this year include political and economic uncertainty, and Congress' all too familiar failure to act on a number of important tax breaks that will expire at the end of 2016.

Although tax planning is a 12-month activity, year-end is traditionally the time to review tax strategies from the past and to revise them for the future. Year-end has also become a time when there is an increasing need to take a careful look at what has changed within the tax law itself since the beginning of the year. Opportunities and pitfalls within these recent changes, as they impact your unique business situation, should not be overlooked. This is particularly the case during year-end 2016. Here are some of the many considerations that you should review as year-end 2016 approaches.