tax return

With the impact of the COVID-19 crisis affecting people all over the country, the Internal Revenue Service and the Treasury Department have said that the monies promised to Americans will begin being distributed within the next three weeks, providing a lifeline to those whose financial lives have been upended by the pandemic.

With much of the country in self-isolation, perhaps you’ve got time to read the entire H.R. 748 Coronavirus Aid, Relief and Economic Security Act or CARES Act. If you’d prefer, here is a summary of many of the key provisions we’d be happy to discuss with you in person (virtually), depending on which ones apply to you. Questions?

The “Coronavirus Aid, Relief and Economic Security Act” (CARES Act) includes many tax and financial breaks for both individuals and businesses. We broke down many of the essential elements and how they can assist you and your business during this troubling time.

On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, retirement and IRA plan modifications and other changes that will impact a large portion of U.S. taxpayers as a whole.

The IRS recently issued new cryptocurrency guidance and is hot on your trail if you bought and sold cryptocurrency and didn’t report it on your tax return.

Here are the tax basics. You’ll treat cryptocurrency as property for tax purposes.

Here are some important strategies to consider in your year-end tax planning.

2019 Last-Minute Section 199A Strategies That Reduce Taxes

Remember to consider your Section 199A deduction in your year-end tax planning.

Taxes – you can’t avoid them, but you can make the annual ritual a little less, well, “taxing” with proper planning and preparation. You may even be able to reduce this year’s burden. Here’s an overview.

Some holiday gifts you provide to members of your family, employees, and others may also yield tax benefits. Here are some examples:

Over the past few years, several wildfires have been blamed on power lines downed during periods of low humidity and gusty winds, which typically occur in the fall. The 2018 Camp fire, sparked by downed power lines, was the deadliest in California history, claiming 85 lives and causing more than an estimated $16 billion in damages.