Tax Planning Articles
Tax Planning Articles
Tax Watch
How to Apply for a Small Business Disaster Loan
The Coronavirus Aid, Relief, and Economic Security Act, also known by its acronym, the CARES Act provides much relief for businesses through loans, job credits, and tax deductions. It also provides relief to individuals through personal tax rebates, easing access to retirement funds, and tax deductions.
The Coronavirus Aid, Relief, and Economic Security Act – The CARES Act
Wednesday night, March 25, the Senate overwhelmingly passed the CARES Act which will provide over $2 trillion in relief to individuals and businesses. The House must pass and the President must sign the bill before it becomes law, both of which are currently projected to occur on Friday, March 27. Here are the key business provisions as it currently stands in the Senate’s version of the bill that has passed. Reminder – these provisions are not law yet and are subject to change.
Tax Issues in the Families First Coronavirus Response Act
On March 18, 2020, the President signed the “Families First Coronavirus Response Act” (HR 6201) (“the Act”) to provide some relief from the economic effects of the current outbreak. Many of these benefits to employees are the responsibility of the employer, and tax...
Extension Deadline – The Latest on the April 15 Tax Filing Relief
As you have heard on the news, there is much discussion from the President and other Administration officials about the need for April 15 filing relief. DMJ’s Director of Tax Services, Milton Howell, CPA, CSEP, shares a few key facts based on what we know right now.
Home Mortgage Interest Deduction
If you own a home, the interest you pay on your home mortgage provides a tax break. However, many taxpayers believe that any interest paid on their home mortgage loan is deductible. Sadly, they're wrong. With the 2019 tax returns due next month, it is a good time...
Potential Additional Tax Relief for Hurricane Florence Victims
On 12/20/2019, the President signed The Further Consolidated Appropriations Act (H.R. 1865), which included several bills. Included in the omnibus spending legislation was the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” (the “Disaster Act”, for short). Most counties in Eastern North Carolina were declared a Major Disaster Area by the President following Hurricane Florence. Previously, there was limited tax relief for victims of Hurricane Florence. With the changes to the tax law in late December, the provisions below could provide you with some additional tax benefits for 2018.
Should You Switch From Accrual to the Cash Method of Accounting?
The passage of the Tax Cuts and Jobs Act of 2017 (TCJA) created additional opportunities for taxpayers to choose the cash method of accounting as the definition of a small business taxpayer. For 2019, small business taxpayers are taxpayers (other than a tax...
How Tax Reform Created New Opportunities for R&D Tax Credits
Taxpayers everywhere were significantly impacted by the 2017 Tax Cuts and Jobs Act (TCJA). In particular, the Act impacted research and development (R&D) tax credits and deductions in ways large and small. The following summarizes the key changes to R&D tax...
IRS Issues Standard Mileage Rates for 2020
The Internal Revenue Service today issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be…
Taxpayer Certainty and Disaster Tax Relief Act and the SECURE Act
On 12/20/2019, the President signed The Further Consolidated Appropriations Act (H.R. 1865), which included several bills. A few have tax implications, which we will discuss here. Included in the omnibus spending legislation was the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” (the “Disaster Act”, for short). This is a summary of what is in the Disaster Act.