Your Guide to State, Local, Federal, Estate + International Taxation

What to do with your deceased spouse’s IRA

If your spouse has recently deceased, what should be done with their IRA? To start, you have two options not available to other beneficiaries. Roll the decedent’s IRA into an IRA established in your name (spousal rollover) Elect to treat the decedent’s IRA as your own IRA (spousal election) Don’t miss: Balancing investments in times …

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Today’s IRS audit trends

I have yet to meet a client who was excited by the thought of an IRS audit, let alone audit trends.  In reality the thought of an audit can almost make a person break out in a cold sweat, have an increased heart rate and mimic the signs of a panic attack. Well maybe it’s …

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Relief procedures for certain former citizens

U.S. citizens who have relinquished their citizenship but have not complied with prior U.S. tax law filing requirements may think they are out of the country and off the hook. It may be years from now the IRS catches up with you and you are now faced with back taxes, penalties, and interest. Fortunately, the …

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Arizona tax preparer pleaded guilty to preparing fraudulent tax returns

Last month, Arizona tax preparer Roberto De La O pleaded guilty to Fraudulent Schemes and Artifices and two counts of Preparing a False Tax Returns for fraudulently preparing around 118 tax returns for 2014-2017. To increase the taxpayer’s refunds, he’d included fake W-2s or 1099-Miscellaneous for Red Home Investments that included Arizona and federal income …

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COVID-19 employee retention credit

To counteract the effects COVID-19 is having on the economy and businesses, the Internal Revenue Service recently announced the Employee Retention Credit. This refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer impacted by COVID-19. Wages between March 12, 2020 and December 31, 2020 are eligible for the …

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W-4 instructions for nonresident aliens

The IRS has completely overhauled the Form W-4 due to tax law changes from the Tax Cuts and Jobs Act (TCJA). The W-4 is the form employees complete which lets the employer know the proper amount of federal tax to withhold on their paychecks. The W-4 had to be redesigned to adapt to the removal …

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COVID-19 stimulus law – “Paycheck protection program”

The president signed into law, on Friday, March 27, 2020, the “Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to address the unprecedented public health and economic crisis related to COVID-19. The law provides relief for individuals and businesses in various ways including tax relief, increased loan funding to provide cash flow to businesses, …

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Preview of COVID-19 stimulus bill

Here is a preview of what the COVID-19 stimulus bill will look like: For more updates on the COVID-19 Pandemic, please check out our COVID-19 Resources page. For more information on the bill, check out what it means for states. If you have any further questions about how this COVID-19 stimulus bill will affect you, …

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Big changes in IRAs – Expanding the definition of earned income

Recently, Congress passed and the President signed the SECURE Act “Setting Every Community Up for Retirement Enhancement”. This new legislation is the first major retirement reform since the Pension Protection Act in 2006. Many changes in the SECURE Act affect both 401k’s and IRA’s but one of the sometimes overlooked changes has to do with …

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Consider an SBA Disaster Loan

We’ve been talking a lot about U.S. Small Business Administration (SBA) low-interest federal disaster loans lately. If your business has been adversely affected by COVID-19, an SBA disaster loan could be a viable solution. $50 billion in funding has been set aside for the program which offers up to $2 million in assistance for each …

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