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Dear Valued Client,
The Fall has started with more details on possible tax policy changes. While most of these changes target the ultra-wealthy, many will have consequences to business owners and higher earners.
In this month's newsletter, we have summarized some of the proposed changes. In addition, we highlight important disaster loss issues, the IRS backlog, filing as married separate, and much more.
It would be best if you talked to us before making any significant tax or business decisions. Careful planning can make a big difference in your financial outcome.
If you or 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. Your kind reviews and referrals are appreciated.
Tax Pro Plus
The Fall has started with more details on possible tax policy changes. While most of these changes target the ultra-wealthy, many will have consequences to business owners and higher earners.
In this month's newsletter, we have summarized some of the proposed changes. In addition, we highlight important disaster loss issues, the IRS backlog, filing as married separate, and much more.
It would be best if you talked to us before making any significant tax or business decisions. Careful planning can make a big difference in your financial outcome.
If you or 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. Your kind reviews and referrals are appreciated.
Tax Pro Plus
Higher Income Individuals Beware
The House Ways and Means Committee has released an extensive list of proposed tax changes that impact individual, retirement, international and corporate tax law. We have been selective and have only included a portion of the proposed changes. A full list of proposed changes is available from the PDF file titled Responsibility Funding Our Priorities.
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October Extended Due Date Just Around the Corner
The normal April 15, 2021 filing deadline for 2020 individual tax returns was extended by the IRS to May 17, 2021 due to the continuing Covid-19 pandemic. If you could not complete your 2020 tax return by May 17 and are now on extension, that extension expires on October 15, 2021. Failure to file before the extension period runs out can subject you to late-filing penalties.
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The Importance of a Well-Oiled Accounting Function
Having a clean accounting start from the beginning really pays for itself. Read tips on why you should bring on the right accounting team at the beginning.
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Filing as Married Separate? Better Read This.
Married taxpayers have two options when filing their 1040 or 1040-SR tax returns. The first and most frequently used filing status is married filing joint (MFJ), where the incomes and allowable expenses of both spouses are combined and reported on one tax return. The joint status almost always results in the lowest overall tax. Spouses who file together are jointly liable for the tax, meaning either or both can be held responsible for paying the tax from the joint return.
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Were You Affected by a Disaster Loss?
With the wildfires in the west, hurricanes, and flooding in the southeast and eastern seaboard, we have had several presidentially declared disaster areas this year. Use the FEMA site to determine if you are within a federally declared disaster area. You can also use the Address Look-Up provided by the Federal government.
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The IRS Backlog Is Causing Taxpayer Heartburn
Before the COVID-19 pandemic, the IRS was getting refunds out swiftly and responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused by employees having to stay home because lockdowns prevented processing centers from operating and workers from going to their offices. And in most instances, IRS employees could not work from home because of the secure nature of their tasks and the IRS’s computer system.
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Complications to the IRA-to-Charity Distribution Provision
Individuals are required to begin taking distributions from their IRA when they reach a certain age. That age was 70½ until Congress passed the SECURE Act in late 2019 which made significant changes to the retirement plan provisions of the tax code, one of which was to up the age for beginning required minimum distributions (RMD) to age 72. That change was supposed to occur with 2020 distributions, but due to the Covid-19 pandemic, Congress waived RMDs for 2020. So, 2021 is actually the first year that the age 72 rule is effective.
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What You Need to Know About the IRS and Tax Audits
There is a real need for people to either educate themselves about the audit process or to seek professional help from someone familiar with the IRS. Learn more.
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8 QuickBooks Online Tips
There are always more things to learn about the applications we use every day. Here are some tips for expanding your use of QuickBooks Online.
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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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