IRS update: Itemizing deductions on estates and trusts

When the Tax Cuts and Jobs Act (TCJA) was passed, it prohibited individual taxpayers from claiming miscellaneous itemized deductions for any taxable year beginning after 12/31/2017 and before 01/01/2026. After two years, the IRS has finally issued proposed regulations to clarify how the rules on miscellaneous deductions apply to trusts and estates. Don’t miss: What …

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CARES cares about charitable donations

There are some provisions in the CARES Act that are not getting a lot of play right now – probably because it is not immediate money in business or individual’s hands. Through charitable donations, CARES Act money can be money for nonprofit organizations, though. Don’t miss: CARES Act clarification for trustee/plan sponsors So while we …

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Ducey extends stay at home order while loosening restrictions on some businesses

Governor Doug Ducey announced amendments today to the state’s Stay Home, Stay Healthy, Stay Connected executive order that placed a stay at home order on residents and curtailed business operations across the state. While the executive order from Ducey scheduled to expire April 30 now extends to May 15, the amended order loosens some of …

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How to return an erroneous refund

Did you receive a refund that did not belong to you or was not the right amount? Whether it was a check or directly deposited, here is what to do to return it. In regard to stimulus payment checks, if you received one in error, the IRS has not set out guidelines on what the …

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Still waiting on your stimulus payments?

A Stimulus Payment or Economic Impact Payment (EIP) as it is referenced by the IRS was authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Individuals that have a gross income below $75,000 will receive $1,200 (filing joint will receive $2,400) and $500 for each dependent child under the age of 17. …

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Preparing for an IRS audit

It’s not news the IRS is auditing fewer returns; staff levels are down. Still that is no excuse to “play the audit lottery” and cheat on your taxes. Despite low audit risk, the IRS is still conducting audits, whether or not you are preparing. What to do when that dreaded fat envelope shows up from …

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Beware of paycheck protection program loan scams

It never takes scammers long to show up with loan scams, and they certainly have not disappointed us when it comes to the Paycheck Protection Program (PPP) loans offered by the U.S. Small Business Administration (SBA). The Federal Trade Commission is warning business owners of scammers attempting to trick you into applying for the wrong …

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Bad debts. Can you take the deduction?

Have you ever lent money to another person or entity and quickly realized you’re never going to get it back – either personally or from your business? First, the concern was how to get the money back. Then, the money you loaned in good faith turned out to be a bad debt. There are a …

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Understanding household employees

The concept of household employees seems completely foreign to most people. I think it is a term that people have not heard of, but it applies to more people than you think. Here is a simple definition: a household employee is someone that is hired to do household work within your residence and qualifies as …

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Ways to boost brain health

Brain health is easy to overlook, but it is also easy to improve. There are many benefits to improving your brain health. Two big ones are increased productivity at work, and an increase in overall quality of life and happiness. I have found that when I focus on one area, the others come naturally because …

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