To help people facing the challenges of COVID-19 issues, the Internal Revenue Service recently announced a new program to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. This new program, called the “IRS People First Initiative”, is meant to help people facing uncertainty overRead more about IRS Adjusts Compliance Efforts Due to COVID-19[…]

The Families First Coronavirus Response Act is a new program that offers COVID-19 assistance for both employees and employers. This new law provides businesses with fewer than 500 employees the funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members. The new law provides theseRead more about New Law Requires Businesses to Provide Paid Leave[…]

The April 15 federal income tax filing due date has been moved to July 15, the U.S. Treasury Department and IRS recently announced. Here is what you need to know: The due dates for all tax payments normally due April 15 have been pushed back 90 days to July 15, regardless of the amount owed.Read more about Tax Deadlines Moved to July 15[…]

When completing their income tax return, taxpayers can make certain choices or elections that can really impact the amount of tax that’s due. Here are a few common examples that can create tax savings opportunities if you elect the correct option. Tax filing status. Typically, filing a joint tax return instead of filing separately isRead more about Elect for Tax Savings[…]

Recent college graduates are graduating with record-setting levels of debt from student loans, reaching a total of $1.5 trillion in 2019. Fortunately, there are ways to get some relief from this debt and take advantage of a few tax breaks at the same time. Here are four ways you can reduce the strain of repayingRead more about Ease the Pain of Repaying Student Loans[…]

A 529 savings plan is a special type of account that allows after-tax funds to be used to pay for college and K-12 education expenses. As long as the funds are used to pay for qualified expenses, any earnings or interest in the savings plan are tax-free. Any unused earnings on funds are subject toRead more about New Options for Repaying Student Loans[…]

The Setting Every Community Up for Retirement Enhancement Act, or SECURE Act, was passed by Congress in late December 2019. This new law modifies the features of the retirement accounts that you may already have, and generally makes it easier for people to use these accounts to save for retirement. Here are a few highlightsRead more about New Retirement Account Rules Take Effect[…]

The 2019 tax filing season is now in full swing. January 31 was the deadline for tax forms like your Form W-2, Form 1099-DIV, and other statements to be issued to you, so now is the time to collect your tax forms, organize your records and make an appointment to get your tax return completed.Read more about Schedule Your Tax Appointment Today[…]

With electronic payments becoming more common and check writing quickly disappearing, you might wonder how you can prove to the IRS that you actually qualify for a charitable (or some other) deduction that you plan to claim on your 2019 tax return. Luckily, electronic records are usually sufficient to substantiate a payment, but since theRead more about The Records You Need to Substantiate Tax Deductions[…]

As it has in years past, Congress again passed in late December a set of last minute changes to the tax law. Many of these changes are retroactive and will affect your 2019 tax return. Here are some of the highlights that have reached back to affect the 2019 tax year: The tuition and feesRead more about Last Minute Tax Law Changes Made in December 2019[…]