IRS proposed Regulations on Basic Exclusion Amount for Estate and Gift Taxes. TheTax Cuts and Jobs Actincreased the basic exclusion amount (BEA) used to compute federal estate and gift taxes. For decedents dying and gifts made after Dec. 31, 2017, and before Jan. 1, 2026, the...
Understanding Schedule M-2 on IRS Forms 1120 and 1120-S is being brought to you from the rear passenger seat of my Toyota Sienna while commuting back to Fort Collins Colorado where my eldest is navigating CSU's new Agricultural Biology program. To assuage pending separation anxiety, jotting...
What to know when filing your 2021 income tax forms....
What is YOUR exit strategy from THAT partnership?...
Monday January 24th 2020 was NOT a good first day of tax filing season, the IRS Ogden (Utah) Service Center was Hobbled. Is the stage being set for a proverbial $hit$how over the next several months? Was the IRS campus center housing all those servers hacked? Who...
Estate Tax and Legacy Planning Considerations Now that the Build Back Better (BBB) 'Framework' has evidently been shelved there seems to be no better time to contemplate estate tax and legacy plans. Afterall what better time is there? And who wants to give 40% of their...
Forgiveness of Paycheck Protection Program (PPP) Loans Reporting - Rev. Proc 2021-48. Under IRS Rev. Proc. 2021-48, Section 3.01, taxpayers are permitted to treat tax-exempt income resulting from the forgiveness of a PPP loan as received or accrued: as, and to the extent that, eligible expenses...
As 2021 comes to a close, eight issues to watch for as you prepare to have your 2021 income tax returns filed: required minimum distributions (RMD); charitable contributions; child & dependent care credit; child tax credit; education benefits; qualified principal residence debt cancellation exclusion; premium...
Are Certain Foster Care Payments Taxable? Medicaid Waivers and IRC 131...
Partnerships and Income Tax - Staring into the Abyss of IRS Form 1065 and its accompanying regulationsis a challenge, not for the faint of heart. The first question I always ask partners in on-going partnerships looking for bookkeeping, accounting, payroll and tax prep services is ...