Post-Election Tax Thoughts

by Paul K. Rudoy, CPA/PFS The past week has been even more tumultuous than most Americans expected. Certainly more than most Americans would like to see in our divided nation. Although it will likely be into early 2021 before we will have clarity on the control of the United State Senate due to the runoffs … Read more

Cost-of-Living Tax Adjustments for 2021

The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning. Also, keep in mind that, under the Tax … Read more

Year-End Tax Strategies for 2020

Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render some tried-and-true strategies for reducing your income tax liability less advisable for 2020. Adding to the uncertainty … Read more

Treasury Issues Guidance on Employee Payroll Tax Deferral

by Joseph M. Dickert, CPA Background on the Tax Deferral Per IRS Notice 2020-65, the notice provides the employer with the option to defer the withholding, deposit, and payment of the employee portion of the Social Security Tax of 6.2% on wages/compensation paid between September 1, 2020-December 31, 2020 (Applicable Wages). However, the deferred withholding … Read more