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2020-2021 Tax Planning Guide

Do your tax strategies need a refresh? With individuals and businesses coping with the impact of the COVID-19 pandemic and some new tax laws going into effect, you probably have questions about tax planning this year. To save the most on your 2020 taxes, you need to plan carefully and take advantage of all deductions,

The Ins and Outs of the Easing of Loss Limitation Rules

To provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act eases the rules for claiming certain tax losses. Here’s a look at the — mostly temporary — modifications. Liberalized Rules for NOL Carryforwards The CARES Act includes favorable changes

August 31, 2020 Deadline to Roll Back RMD’s Taken for 2020

The IRS issued new guidance this week regarding Required Minimum Distributions (RMD). Long story short: RMD not required for 2020 and if you have already taken your RMD, you have until August 31, 2020 to put it back in the IRA and not pay tax on the RMD. As a reminder, in March the CARES

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