Tax Pro Plus
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Los Angeles, CA 90064
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Dear Valued Client,
In this edition of our newsletter, we highlight the current tax proposals from the Republican and Democrat nominees for president. We also cover nexus laws for remote employees due to COVID-19, tax recordkeeping requirements, business succession planning, 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 or need to schedule an appointment, please feel free to contact us directly. Until then, please stay safe.
Tax Pro Plus
In this edition of our newsletter, we highlight the current tax proposals from the Republican and Democrat nominees for president. We also cover nexus laws for remote employees due to COVID-19, tax recordkeeping requirements, business succession planning, 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 or need to schedule an appointment, please feel free to contact us directly. Until then, please stay safe.
Tax Pro Plus
What Are the Tax Plans of the Major Parties' Presidential Candidates?
As the November elections approach, you might want to know what the two front-running presidential candidates’ tax plans for the future are. The following is an overview of their positions, at least what is known now. However, the political and economic landscapes can change, and there is no assurance these plans won’t be revised or that they will have eventual Congressional backing. However, the information may be helpful as you look toward future tax planning.
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Individuals Have a New Opportunity to Receive $500 Economic Impact Payments for Their Children
The Internal Revenue Service has announced it will reopen the registration period for federal beneficiaries with children who didn't receive a $500 per child Economic Impact (stimulus) Payment earlier this year.
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How States are Reshaping Nexus Laws for Remote Employees Due to COVID-19
Will your COVID-19 work-from-home location affect your taxes? It depends on the state. Here’s a breakdown of how nexus laws evolved during the pandemic.
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IRS Cancels Stimulus Checks Issued to Decedents
According to the recently updated IRS FAQ page, the Treasury Dept. has cancelled outstanding Economic Impact Payment checks issued to recipients who may not be eligible, including those who may be deceased. Some sources indicate the Bureau of Fiscal Services, the agency issuing the stimulus checks, has stopped payment on uncashed checks and is even having those that have already been deposited into existing bank accounts reversed.
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Wealth Transition and Succession Planning: Best Practices for Businesses During COVID-19
Business owners of all industries need to be aware of the implications of COVID-19 in regard to business valuations, wealth transition, and succession planning.
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What You Need to Know About Health Savings Accounts
The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that are not covered by insurance due to the high-deductible provisions of their insurance coverage.
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Don't Ignore Household Employee Payroll Tax Rules
If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring. Either situation can come back to bite you. When the worker is your employee, your liability includes both withholding and paying payroll taxes as well as issuing a W-2 after the close of the year.
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Watch Out for Tax Penalties
Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply not aware of the penalties or the possible impact on their wallets. As tax season approaches, let’s look at some of the more commonly encountered penalties and how they may be avoided.
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Thinking of Dumping Old Tax Records?
Tired of having all those old tax records taking up drawer or closet space and collecting dust. Want to dump as much as you can? People often ask how long records must be kept and the amount of time IRS has to audit a return after it is filed.
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How to Create Product Records in QuickBooks Online, Part 2
Once you’ve created your company’s product and service records, you’ll use them in numerous places in QuickBooks Online.
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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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