Tax Guide on Home Office Deduction
If you use part of your home for business, you may be able to deduct expenses for a home office. This year, due to the COVID-19 pandemic, many people are working from home, so this information is relevant for the 2020 tax year. The IRS has specific rules to qualify for home office deduction and […]
Americans Receiving Unemployment Benefits May Owe the IRS
The COVID-19 pandemic has caused millions of people to be out of work and seek unemployment benefits to assist during this extremely difficult time. Jobless benefits have been critical in keeping people afloat. But, as tax preparers, we are concerned that many recipients of these benefits may not be aware that this money is considered […]
IRS Announces “Dirty Dozen” Tax Scams for 2020
It’s unfortunate but criminals use crises as the time to increase their attempts to scam the unsuspecting and vulnerable. Any national crisis, such as the COVID-19 pandemic, creates an atmosphere of fear, making people more susceptible to scams. Criminals use this time to get personal financial information and steal your money. The IRS has announced […]
IRS Proposes Regulations on Certain Medical Arrangements
The Internal Revenue Service (IRS) released proposed regulations regarding the treatment of direct primary care arrangements, health care sharing ministries, and specific government-sponsored health care programs. Here are some of the highlights outlined by our CPA’s in Raleigh. Under section 213 of the Internal Revenue Code individuals are allowed to take an itemized deduction for […]
Updated Economic Impact Payment Information
While the majority of Americans who received an Economic Impact Payment received it via direct deposit, there are around 4 million people who are still waiting and have questions. To help minimize confusion and clear up questions you may have, our accounting firm in Raleigh is working to bring you up to date information. Economic […]
COVID-19 Small Business Guidance & Loan Information
Since the CARES Act was passed back in March, there have been many questions regarding the SBA loans, the terms that apply, and the businesses that qualify. In these unprecedented times, there has been a lot of new information announced, and our accounting firm wants to share some important advice for small businesses. There have […]
Avoid Coronavirus Related Scams Tied to Economic Impact Payments
On March 27, 2020, the U.S. House and Senate passed the CARES Act to provide financial benefits to those negatively affected by COVID-19. One of the most popular aspects of the bill, the direct payments to citizens, are expected to begin going out in two to three weeks. Recently, the IRS issued a warning to […]
2019/2020 Required Minimum Distributions (RMDs) Deadline
We would like to remind retirees about the IRS’s Required Minimum Distributions (RMDs) deadline. RMD refers to the withdrawals you have to make from most retirement plans when you reach 72 years old. The RMD amount is based on the taxpayer’s life expectancy and account balance. Tax Year 2019 RMD Deadlines Retirees born before July […]
The IRS Launches Identity Theft Central
It’s no secret that identity theft is a huge issue and an ongoing problem. Nearly 445,000 Americans reported some form of identity theft in 2018. To help citizens better avoid and react to identity theft, the IRS launched Identity Theft Central in February 2020. This page is a hub of information about identity theft, including […]
Estate Planning For Digital Assets
Digital technology has seen great advances in recent years which has drastically changed estate planning for many people. It is important for individuals to think about digital assets when considering planning for the future. Most people only consider physical assets when they are planning their estate for the future, but now it is important to […]