Posts Tagged ‘Tax Tips’
Major Changes to Retirement Plans Due to COVID-19
In the recent update, the IRS reminds Qualified individuals affected by COVID-19 that they may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020. These coronavirus-related distributions aren’t subject to the 10% additional tax that generally applies to distributions made before reaching age…
Read MoreGig Economy tips taxpayers should remember
The gig economy, also called the sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or good. Often this work is performed through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of the most popular.…
Read MoreIS IT REALLY THE IRS CALLING?
Crooks impersonating the IRS either by phone, email or in person cost people their time and money. We urge our clients to remain vigilant against schemes and scams and avoid becoming a victim. Here are some important tips from the IRS for taxpayers to keep in mind to avoid scams: How does the IRS initiate contact? The…
Read MoreWHO QUALIFIES A TAXPAYER FOR THE CHILD AND DEPENDENT CARE CREDIT?
Childcare or adult dependent care can be a major expense. Fortunately, the child and dependent care credit can provide some relief. According to the IRS, taxpayers who pay for daycare expenses may be eligible to claim up to 35% of what they spend; limits apply. How does the IRS define a qualifying person? For the…
Read MorePASSING ON WEALTH TO HEIRS
Giving away assets during your life time can help reduce the size of your taxable estate in the future. There are few common strategies we would like to share with you: The first tip is to use the annual exclusion by December 31 of each year. You can give up to 15,000 per recipient in…
Read MoreWHERE’S MY REFUND?
The IRS issues more than 9 out of 10 refunds in less than 21 days. However, it’s possible your tax return may require additional review and take longer. Where’s My Refund? has the most up to date information available about your refund. The tool is updated daily so you don’t need to check more often. Due to…
Read MoreWHAT ABOUT MY RETIREMENT ACCOUNT?
Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides for special distribution options and rollover rules for retirement plans and IRAs and expands permissible loans from certain retirement plans. We have had many questions from our clients about how the CARES act might impact their…
Read MoreAM I ELIGIBLE FOR THE STIMULUS PAYMENT IF I AM LIVING ABROAD?
With clients around the world, we have had many questions about how the recent Economic Stimulus Payments might apply to those clients who are not currently living in the US and those who are not US citizens. We have put together the answers to some of the most common questions: Q: As a US Citizen…
Read MoreNON-RESIDENT ALIEN TAX RETURN
If you are not a citizen of the US, specific rules apply to determine if you are a resident alien or a nonresident alien for tax purposes. Before you worry whether you’re filing your taxes correctly, consider if you are required to file a nonresident alien tax return in the first place. If any of…
Read MoreFOREIGN BANK AND FINANCIAL ACCOUNTING REPORTING (FBAR)
The Bank Secrecy Act of 1970 equipped the U.S. Treasury Department with the authorization needed to collect and analyze a taxpayer’s information about their financial transactions abroad in order to curtail domestic and international money laundering abuse and other financial crimes. The collection of taxpayer information is accomplished through the Financial Crimes Enforcement Network (FinCEN)…
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