Category: Blog

No matter what the media says, no matter what the pundits on social media share, the simple fact is this:  There is good news available to everyone when they choose to look for it.  Don’t believe me?  How many of you wished for more time with your family?  How many grandparents and parents are finally getting the attention they deserved from their families?  How many of us have put off goals because there was “no time”?  It comes down to how YOU decide to...

There’s no doubt we’re living in historic times, but the men and women I speak with on a daily basis are truly optimistic.  Why?  For them, this has been a windfall in one of two ways – they were positioned in such a way to make the most of their portfolios OR they are using the “extra” time they currently have to make changes they might have been putting off for awhile.  Let’s look at one great example, from a client and friend of mine and a conversation we had yesterday… I’m...

Let me be blunt – there’s TOO much “bad” news I the world and I flatly refuse to feed into it.  Yes, COVID-19 is unprecedented in any modern economy.  Yes, lives are being lost or changed forever.  Yes, millions of employees are being laid off or furloughed.  But in the end, this will pass.  The Federal government has moved far faster than many of us thought (and yes, I recognize it’s made missteps, but remember, we’re staying positive here!) and is poised to put trillions...

No matter where you are or what industry you’re involved in, we are going through an incredible time.  In the last two months, things have changed, plain and simple.  Here’s the thing, though – with all the seemingly insanity and what I truly believe to be a false sense of scarcity, there has never been a more opportune time for entrepreneurs and business owners to step up and grow.  Right now, your job is far bigger than to be “just” a business owner or an entrepreneur.  Right...

To protect employees and taxpayers, the IRS has scaled back our operations to focus on mission-critical activities for the nation. We continue to follow guidance from the U.S. Centers for Disease Control and Prevention (CDC) and the Office of Personnel Management (OPM) as well as state and local officials to ensure the safety of IRS employees and the public we serve. Many IRS offices in areas hardest hit by COVID-19 are closed or have reduced operations on mission-critical items. Telework-eligible...

The IRS is taking immediate steps to implement COVID-19 legislation during this period. We will also be working closely with our partners in the tax community on this to assist with implementation. Additional information will be posted on the special coronavirus page. Small and midsize businesses. Small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to promptly and fully reimburse them, dollar-for-dollar, for the cost of providing...

The July 15, 2020 extension only applies to federal income tax returns and tax payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details. More information is...

Refunds continue: If possible, don’t wait until July 15 to file if you’re owed a refund; file as soon as possible. Refunds will continue to be paid. For the quickest results, taxpayers should use e-file or Free File with direct deposit to help speed up refunds. E-file recommended: To avoid delays, the IRS urges taxpayers to file electronically rather than on paper; using direct deposit is also critical to speed up refunds. Most taxpayers can file for free with www.IRS.gov/freefile....

The federal income tax filing due date has been automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, corporations and other non-corporate tax filers as well as those who pay self-employment tax. See news release IR-2020-58, Tax Day now July 15: Treasury, IRS...

Every year I mention this and every year, it’s worth sharing again.  Taxes don’t have to be painful, but the longer you wait or the less organized you are, the less enjoyable (and more expensive) they can be.  Many times, over the years, we’ve joked about the “shoebox filled with receipts” and, as hard as it is to believe, we still see some variation on this theme.  With that in mind, I want to share some easy ways to organize your tax information – even though it’s really...