Back to the Future: Prior-Law Kiddie Tax Rates Retroactively Reinstated
Do your children or grandchildren receive unearned income from investments? Federal tax law contains provisions that are designed to prevent high-net-worth individuals from shifting investment income to children and young adults in lower tax brackets to minimize the family's overall […] Read More
4 Layers of Nonqualified Roth IRA Withdrawals
Nonqualified Roth IRA withdrawals can occur for two reasons: The account owner isn't yet 59½ and isn't dead or disabled, or The account owner fails the five-year test. If you made several conversion contributions, you must use the first-in-first-out (FIFO) […] Read More
Taxes on Roth IRA Withdrawals Today
If you're experiencing financial distress during the COVID-19 crisis, you might be thinking about tapping into your Roth IRA to improve your cash situation. But before withdrawing money from a Roth account, it's important to understand the federal income tax […] Read More
Estate Planning Pitfalls to Avoid
Despite having good intentions, many people fail to make an estate plan. But if you don't develop a plan featuring a will, your assets could end up being distributed according to state law. And the lack of an estate plan […] Read More
Federal Tax News
How did the federal government do in sending out Economic Impact Payments (EIPs)? Two reports detail the results. EIPs were sent to eligible individuals to help mitigate the financial effects of the pandemic. Sending the payments to some people has […] Read More
Compare and contrast: How do the Republican and Democratic tax plans differ?
With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences, President Donald Trump and […] Read More
Business Vehicle Purchases: What Is Deductible for 2020?
Business Vehicle Purchases: What Is Deductible for 2020? Purchases of new and used business vehicles may qualify for tax breaks under current tax law. If you need a new vehicle to use for business purposes, review these details before you […] Read More
The IRS issues guidance on the executive action deferring payroll taxes
The IRS has issued guidance on the payroll tax deferral scheduled to begin on September 1. Here’s what it says. Read More
Ferrara and Turner Earn CPA Credentials
Hall, Kistler & Company is pleased to announce that Supervisors Alex Ferrara, MBA, and Seth Turner, CVA have completed the course work and passed the Certified Public Accountants exam administered by the Accountancy Board of Ohio. Alex joined the firm […] Read More
Federal Tax News
Are you suffering financially due to COVID-19? You might qualify to withdraw up to $100,000 from your IRA or other retirement plan before December 31, 2020, without any negative tax consequences. Qualifying distributions aren’t subject to the 10% tax penalty […] Read More
What does the executive action deferring payroll taxes mean for employers and employees?
Using an executive action, President Trump defers payroll taxes from Sept. 1 through the end of the year. But there are many unanswered questions. Read More
Buying a Distressed Business
Many businesses have suffered financial losses due to the COVID-19 crisis. Some may even be on the verge of bankruptcy or otherwise looking for an exit strategy. Fortunately, there's an upside: Adverse market conditions can create opportunities for investors with […] Read More