Planning means comparing! Effective tax planning means knowing how your current tax year's circumstances might be different in the one ahead. Comparing the numbers helps you determine if you should postpone some earnings into 2022, where the income tax brackets are a bit wider, so you won't be bumped into a higher one on your...
Both New York and New Jersey's requests for major disaster declarations due to Hurricane Ida were approved by the White House, unlocking federal relief and extending federal tax deadlines. The IRS officially announced the federal tax filing deadline is extended to January 3, 2022. Areas included for relief are New York's outer boroughs, Bronx, Kings,...
For years, the IRS has been gunning for a fight with S-Corporations over reasonable compensation. Their guns are now loaded, so get ready, because since 2000 when the IRS established its authority to reclassify distributions as wages and reinforced the employment status of shareholders as employees, it has had S-corps in its sights. Things got...
Looking for variety? This year’s IRS list of the worst scams out there has plenty! Some warnings are familiar, while newer scams involve “Vishing,” robo-calls, and sophisticated financial provisions. Crooks were busy during COVID trying to steal your identity and phishing for tax info! During 2020, almost 400 “vishing” or “voice phishing” scams were reported,...
Valuable tax planning opportunities exist if you anticipate potential tax changes and take advantage of what’s still available under the Tax Cuts and Jobs Act, CARES Act, and other tax provisions. The American Rescue Plan Act enacted earlier this year included changes that will affect 2021 tax returns and, if enacted, the proposed American Jobs...
