Newsletters

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.

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.

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)

The IRS has announced they will extend the due date for 2019 IRA and HSA payments until July 15, 2020.

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 interesting and challenging circumstances we are all facing! However, we want to let you know that Palius, O’Kelley & Janzen is here for you!

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.

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.