Impact of the Presidential Election on Personal Income Taxes

Now that the results of the presidential election are in and former Vice-President Joe Biden has become President-elect Biden, it is important to remember the tax policy changes for personal income taxes announced by Mr. Biden during his campaign that he would propose if elected.  As we review three of these changes, keep in mind …

June 30, 2020 Deadline Looms Large for Businesses with 2018 Net Operating Losses

As if business owners did not have enough to worry about in light of various deadlines of all types including when and whether to submit Paycheck Protection Program (“PPP”) loan applications, how to account for the use of the funds, whether to return the PPP borrowed monies and when and how to file applications for …

IRS Announces Expanded Penalty Waiver for Individuals with Underpayment of 2018 Estimated Income Taxes

With the 2018 deadline for filing of individual income tax returns just around the corner, taxpayers should be aware of the recent announcement by the Internal Revenue Service (IRS) of expanded relief from penalties for individuals whose 2018 federal income tax withholding and estimated tax payments fell short of their tax liability for the year. …

“Non-Performing Artists” Wait on IRS Final Regulations Under Section 199A

In early August, the Internal Revenue Service (IRS) issued proposed regulations under the Tax Cuts and Jobs Act (TCJA) that provide guidance to owners of pass-through businesses as to eligibility for a federal tax deduction of 20% of the income generated by the businesses under new Section 199A of the Internal Revenue Code (IRC). Although …