Newsletters
RE: HOW DO ECONOMIC IMPACT PAYMENTS (i.e. STIMULUS CHECKS) IMPACT YOUR TAX RETURN?
While we are extremely grateful for the economic impact payments (i.e. stimulus checks) that have been issued, these payments cause complications in the preparation of individual tax returns. If you have any questions or concerns, please do not hesitate to contact us.
Do Estimated Tax Payments Increase the Chance of Receiving a Tax Notice?
To Our Valued Clients and Friends, In recent years we have noticed an uptick in IRS and FTB notices. The #1 cause of these notices are incorrect estimated tax payment amounts being reported on individual taxpayer returns.
IGNORE THE HEADLINES – PPP FORGIVENESS IS TAXABLE!
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.
2020 Mid-Year Tax Planning Letter for Individuals
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.
FRAUD ALERT ON SBA LOAN APPLICATIONS
IF YOU RECEIVE A LETTER LIKE THE ONE BELOW PLEASE CONTACT THE SBA IMMEDIATELY TO FIND OUT IF YOU ARE ALSO A VICTIM OF FRAUD. THEY ARE OPEN 7 DAYS A WEEK FROM 8 AM TO 8PM.
Rollover Relief for Unwanted 2020 RMDs before 08/31/2020
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)
WHAT IS THE GOVERNMENT DOING ABOUT IRA & HSA PAYMENTS?
The IRS has announced they will extend the due date for 2019 IRA and HSA payments until July 15, 2020.
RE: WHAT IS THE GOVERNMENT DOING ABOUT OUR TAXES DURING THE COVID-19 CRISIS?
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.
What is POJ doing during the COVID-19 Crisis?
What interesting and challenging circumstances we are all facing! However, we want to let you know that Palius, O’Kelley & Janzen is here for you!
KEEPING YOUR BUSINESS HEALTHY DURING THE COVID-19 CRISIS
There is a lot of information circulating about how to protect yourselves and your families from contracting Covid-19. In addition, there is a wealth of information about keeping your business, and more importantly your employees, as financially sound as possible. At the end of the crisis, however long that may be, we all want to return to full-employment with the employees who are at the core of our work families.