Posts Categorized: Tax

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How Does the SECURE Act Impact RMDs?

The “Setting Every Community Up for Retirement Enhancement Act” (the SECURE Act) is part of the spending bill legislation passed by Congress, which is now awaiting the President’s signature, effective January 1, 2020.   The SECURE Act significantly changes the Required Minimum Distribution (“RMD”) requirements for inherited retirement accounts by delaying the required beginning age…. Read More »

IRS Ruling on PPP Loan Forgiveness – NOT GOOD NEWS!

For those who have Paycheck Protection Program (PPP) loans, the IRS has taken the position that you can not deduct business expenses that were paid from the PPP proceeds if those proceeds are forgiven. Under the CARES ACT, loans that are forgiven are not subject to income taxation. Revenue Ruling 2020-27 Now, the IRS has… Read More »

IRS Defers Tax Payment Due Dates

We hope you and your loved ones continue to be safe and healthy during this medical crisis. Recently (3/20/2020) the U.S. Treasury Department and Internal Revenue Service (IRS) issued updated guidance extending the due date to file a federal income tax return from April 15, 2020 to July 15, 2020 for any individual, trust, estate,… Read More »

Need to Know Tax Facts for 2020

Every April 15 millions of taxpayers throughout the United States file their income tax returns. Prior to filing their returns many taxpayers will go through their records to organize their income, deductions, and credits, and meet with their tax advisors/preparers to review and finalize their income tax returns. You can take this opportunity to speak… Read More »

Charitable Gift Giving – How much can I deduct?

In general, your total charitable deductions are limited to no more than 60% of your adjusted gross income (AGI). However, only donations to certain organizations as defined by the IRS qualify for the highest limit. These organizations include, but are not limited to, churches, educational institutions, and hospitals. Only certain qualified conservation contributions are eligible… Read More »

Charitable Gift Giving – Is the charity a qualified organization under IRS rules?

Not all donations are eligible tax deductions. In order to be eligible for a charitable contribution tax deduction, the recipient charity must be duly qualified by the Internal Revenue Service (IRS). This means that gifts to needy relatives, friends, neighbors, and any other person or group who lacks tax-exempt status as determined by the U.S…. Read More »

What if I Have a Contract to Reduce My Property Taxes, But I Want to Sell My Home?

A constant concern here on Long Island is the continued increase in Property Taxes and the ever-increasing cost of living.  The application for state program real estate tax exemptions (such as Basic STAR, Enhanced STAR or Veterans exemptions) may help to ease the burden, but there are instances where homeowners may not be eligible for… Read More »

Spam, Scams and Phishing

Scams are on the rise! Whether it be in the form of a phone call, email, or direct mailing, scam artists are trying to steal your personal information. The IRS has continuously warned taxpayers to think twice before providing any sensitive information to anyone, even if the request appears to come from the IRS. Scams… Read More »