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Dear Valued Client,
Happy New Year!
In this edition of our newsletter, we highlight some of the last-minute tax changes passed by Congress before year-end, the important 1099 filing deadline, tips on repairing a business credit rating, some estate planning advice, and much more.
Our goal is to provide you with an unparalleled level of client service. If you have questions related to any of the subjects discussed in this newsletter, be sure to give this office a call. We rely on satisfied clients as the primary source of new business, and your reviews and referrals are both welcomed and most sincerely appreciated!
Tax Pro Plus
Happy New Year!
In this edition of our newsletter, we highlight some of the last-minute tax changes passed by Congress before year-end, the important 1099 filing deadline, tips on repairing a business credit rating, some estate planning advice, and much more.
Our goal is to provide you with an unparalleled level of client service. If you have questions related to any of the subjects discussed in this newsletter, be sure to give this office a call. We rely on satisfied clients as the primary source of new business, and your reviews and referrals are both welcomed and most sincerely appreciated!
Tax Pro Plus
Congress Passes Last-Minute Tax Changes
Congress, at almost the last minute, has passed a large number of tax changes, including retirement plan issues that will become effective in 2020, as well as extensions through 2020 of a number of tax provisions that had expired or were about to end. The list of changes is quite large, so we have only included those that are most likely to affect individual tax returns. Here is a run-down on some of the new tax provisions:
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The 1099-MISC Filing Date Is Just Around the Corner – Are You Ready?
If your business engages the services of an individual (independent contractor), other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then you are required to issue that person a Form 1099-MISC to avoid penalties and the prospect of losing the deduction for his or her labor and expenses in an audit. Payments to independent contractors are referred to as non-employee compensation (NEC).
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Understanding Your Annual Social Security Letter
If you are receiving Social Security, then you have just recently received your annual letter from the Social Security Administration letting you know that your Social Security benefits for 2020 have increased by 1.6 percent as a result of a rise in the cost of living. The letter also lets you know how much will be withheld from your monthly retirement benefit for Medicare Parts B (medical insurance) and D (Prescription Drug Plan).
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Understanding Tax Lingo
When discussing taxes, reading tax related articles or interpreting instructions, one needs to understand the lingo and acronyms used by tax professionals and authors to be able to grasp what they are saying. It can be difficult to understand tax strategies if you are not familiar with the basic terminologies used in taxation. The following provides you with the basic details associated with the most frequently encountered tax terms.
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Repairing Your Business’s Bad Credit Score
Your business credit score is the main way third parties can measure your company’s financial health. Here’s how to keep a solid handle on it.
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Is Your Will or Trust Up-to-Date?
When was the last time you or your attorney reviewed or updated your will or trust? If it was before the passage of the 2017 tax reform legislation, or the Tax Cuts and Jobs Act (TCJA), your documents may be out of date. Among the many changes in that law was a more than doubling of the estate tax exemption. Prior to the TCJA, if the value of an individual’s estate at his or her death was about $5.5 million or more, it was subject to the estate tax. For deaths in 2020, and based on the TCJA inflation-adjusted amounts, just over $11.5 million is exempted from estate tax. So, if your will or trust was premised on the lower value, it may need to be revised so that it provides the appropriate estate tax results for your situation.
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How Can I Prove Financial Hardship to the IRS If I Can't Pay My Taxes?
Unable to pay your tax bill? Don’t panic. Here are the steps you need to take as well as "soft" and "hard" options for declaring your taxes uncollectible.
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Still Dealing with 2019 in QBO? Clearing the Way for 2020
If you have a nagging feeling this month that you’re not caught up with your accounting tasks, it’s time to clean up your unfinished 2019 work.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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