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This section of our website contains useful information, Web links and tools. Please check back regularly for updates and recent revisions. Our goal is to provide information and resources that will make the process of financial planning and tax preparation simpler.
2019 – 03/18 – Could your business benefit from the tax credit for family and medical leave?
Mar 25th, 2019

The Tax Cuts and Jobs Act created a federal tax credit for employers that provide qualified paid family and medical leave to employees. However, it’s subject to numerous rules and is only available for the 2018 and 2019 tax years. An eligible employer can claim a credit equal to 12.5% of wages paid to qualifying […]

2019 – 03/18
Mar 25th, 2019

Treasury Secretary Steven Mnuchin stated that the Trump administration is considering additional tax penalty relief for taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. In January the IRS began waiving the estimated tax penalty for taxpayers who paid at least 85% of […]

2019 – 03/15
Mar 24th, 2019

Donating to legitimate charities is a way to do good and possibly reduce your taxes. As part of its annual “Dirty Dozen” tax scams, the IRS warns that some fake charities seek donations, especially in the wake of disasters, such as a tornado or wildfire. “Scam artists commonly use charities as a cover to lure […]

2019 – 03/14
Mar 24th, 2019

IRS: Use our calculator now to review your tax withholding. The tax agency says that such a review will allow taxpayers to make any needed adjustments to their withholding decisions early in 2019. “This is especially true for taxpayers who adjusted their withholdings in 2018, specifically in the middle or later parts of the year,” […]

2019 – 03/132019 – 03/13 – Holding on to your nonprofit’s exempt status
Mar 23rd, 2019

Whether you’re running a 501(c)(3) or other type of tax-exempt organization, be careful. The activities you conduct and the ways you generate and use revenue could threaten your exempt status. Lobbying and campaign activities are generally restricted for 501(c)(3) nonprofits. And all nonprofits should ensure that excess profits aren’t used for the private benefit of […]

2019 – 03/14
Mar 23rd, 2019

An IRS notice of deficiency sent to a wrong address was ruled valid because it was sent to the taxpayers’ last known address. The couple moved but filed their federal tax return using their old address. During an IRS audit of the return, they filed two IRS forms (not returns) showing their new address. The […]

2019 – 03/12 – The 2018 gift tax return deadline is almost here
Mar 22nd, 2019

Did you make large gifts to your heirs in 2018? If so, it’s important to determine whether you’re required to file a gift tax return by April 15 (Oct. 15 if you file for an extension). Generally, you’ll need to file one if you made 2018 gifts that exceeded the $15,000-per-recipient gift tax annual exclusion […]

2019 – 03/13
Mar 22nd, 2019

The U.S. Tax Court held that interest on a loan used to purchase land on which a taxpayer intended to locate his business was deductible as business interest. In this case, the taxpayer ultimately didn’t build the business on the land because his revenues decreased significantly. The IRS said that, because the properties weren’t used […]

2019 – 03/14 – Companion piece: Create a “road map” for your estate plan
Mar 21st, 2019

Create a “road map,” an informal letter or other document, to guide your family in understanding and executing your estate plan. It can help ensure that your wishes are properly carried out. The document should list key contacts, such as your estate planning attorney, accountant, insurance agent and financial advisors; and provide the location of […]