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Dear Valued Client,
In this edition of our newsletter, we highlight the Payroll Protection Program's extension date, tips on how to spot a COVID-19 fraud, tax planning tips for the wealthy, home improvement recordkeeping guidelines, and much more.
As many of you are concerned about your financial future, we want to make sure you talk to us before making any significant tax or business decisions.
If you, your colleagues, family or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous.
If you should have any questions, please feel free to contact us directly. Until then, please stay safe.
Tax Pro Plus
In this edition of our newsletter, we highlight the Payroll Protection Program's extension date, tips on how to spot a COVID-19 fraud, tax planning tips for the wealthy, home improvement recordkeeping guidelines, and much more.
As many of you are concerned about your financial future, we want to make sure you talk to us before making any significant tax or business decisions.
If you, your colleagues, family or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous.
If you should have any questions, please feel free to contact us directly. Until then, please stay safe.
Tax Pro Plus
Don't Throw Away That Notice 1444
The IRS is mailing all recipients of Economic Impact Payments a Notice 1444 that provides information about the amount of their payment, how the payment was made and how to report any payment that wasn’t received. If you’ve already received your economic impact payment, you’ve probably already received this document too. This notice was issued from The White House and looks more like a letter than a traditional IRS notice, but the notice number is in the upper right of the heading, just below the date.
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Loan Application Period for the Paycheck Protection Program Extended
If you missed the opportunity to apply for a Paycheck Protection Program (PPP) loan before the program expired at the end of June, Congress extended the application period for a PPP loan through August 8, 2020. Although time is short, you still have time to apply.
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How to Protect Yourself Against Coronavirus-Related Fraud
There are bad actors seeking to take advantage of taxpayers and business owners. Here are some common types of fraudulent activities occurring during the COVID-19 crisis.
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Charity Volunteer Tax Breaks
If you volunteered your time for a charity or governmental entity during the COVID-19 pandemic, you probably qualify for some tax breaks. These rules actually apply to all charity volunteers not just COVID-19 volunteers. Although no tax deduction is allowed for the value of services performed for a qualified charity or federal, state or local governmental agency, some deductions are permitted for out-of-pocket costs incurred while performing the services. The following are some examples:
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Wealthy Taxpayers May Want to Strategize for Potential Tax Increases
The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19 pandemic has wreaked havoc on the economy, as the government’s tax revenues have declined while government spending has soared. Although the President has not revealed his tax policies for the future, Joe Biden, his presumptive opponent in November, has, and that is why the wealthy are strategizing for potential increases.
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IRS Provides Additional 2020 RMD Rollover Relief
The CARES Act waived required minimum distributions (RMDs) from IRAs and employer plans such as 401(k)s for 2020. However, the CARES Act was not passed until March 27, 2020 and after many individuals had already taken their RMD for 2020. Some of these retirees would not have taken the distributions if they would have known about the waiver.
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If You are Receiving Medicaid Waiver Payments, You Should Read This
Medicaid waiver payments are a type of payment from a state to an individual to take care of another individual who would otherwise be institutionalized, saving the government the cost of the more expensive institutional care.
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Employers, Don't Miss Out on the Work Opportunity Credit
The Taxpayer Certainty and Disaster Tax Relief Act of 2019 extended the Work Opportunity Tax Credit (WOTC) allowing employers who are willing to help disadvantaged individuals to benefit from a substantial federal tax credit.
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You Should Be Keeping Home Improvement Records
Individuals who meet the 2-out-of-5-year use and ownership tests can exclude up to $250,000 ($500,000 if both filer and spouse qualify) of gain from the sale of their home, and generally don’t need to keep a record of improvements made to the home. However, in many instances the gain from the home’s sale can be substantially higher than the allowable exclusion amount; having a record of improvements can be very beneficial and lead to tax savings.
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How to Create Product Records in QuickBooks Online
Whether your company sells product or services, QuickBooks Online can help you track them.
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The Tax Pro Plus newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Tax Pro Plus, go to http://www.taxproplus-la.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.
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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