Federal Tax News

The deadline for the third 2021 estimated tax payment is coming up on September 15. Changes in the economy brought by COVID-19 include a new crop of self-employed persons, such as gig-economy workers. Like most people with income that isn't […]

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Following Up on Coronavirus-Related Distributions from IRAs

Last year, many people decided to take tax-favored coronavirus-related distributions from traditional IRAs under the CARES Act. This was a great way to obtain needed cash if you were adversely affected by the pandemic. But the tax reporting for these distributions and any subsequent recontributions can be confusing. Here's an overview of the rules and strategies to help you get the best federal income tax results

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Deadline Coming: Follow Up on Your PPP Loans

Have you taken advantage of the federal Payroll Protection Plan (PPP) loan program? If so, you may be counting on all or part of that loan to be forgiven like a federal grant. An important deadline is looming that you'll need to meet for your loan to be forgiven. If you miss that deadline, you'll need to repay your loan in full, plus interest, by the maturity date. Here are the details on how to apply for forgiveness and survive an audit of your PPP loan.

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Federal Tax News

Advance child tax credit (CTC) payment recipients can still opt out even if they start receiving payments. The IRS began sending out payments or depositing them in bank accounts on July 15. The IRS announced that families can use its […]

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Do You Owe the Nanny Tax?

  The COVID-19 pandemic has changed the dynamics of many households. In most cases, schools stopped or limited in-person instruction, causing many children to engage in at-home learning. Some families moved disabled adult children or seniors from long-term care centers […]

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Tax Implications of Taking 529 College Savings Plan Withdrawals

Tax-favored Section 529 college savings plans — also known as qualified tuition programs — have been around long enough that many people are now withdrawing money to pay for school. Qualified withdrawals are always federal-income-tax-free and usually state-income-tax-free, too. However, […]

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Federal Tax News

Company president is assessed a penalty. If an employer withholds taxes from employees but doesn't pay them over to the IRS, the employer may face a harsh penalty. The Trust Fund Recovery Penalty (TFRP) equals 100% of the unpaid tax […]

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Protect Your Assets As You Protect Your Loved Ones

You've worked a lifetime to build your wealth and understandably want to pass much of it to loved ones. Your estate plan, therefore, needs to protect and preserve your assets. This article explores several asset protection strategies, including trusts, liability-limiting business entities and using the gift and estate tax exemption.

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