CARES Act fixes legislative glitch to Qualified Improvement Property

A legislative glitch in the Tax Cuts and Jobs Act has been corrected through recent coronavirus relief measures. The Coronavirus Aid, Recovery and Economic Security (CARES) Act contains a technical correction to the portion of the TCJA passed in 2017 requiring Qualified Improvement Property (QIP) to be depreciated over 39 years, rendering property ineligible for […]

Tax filing deadline extended until July 15

President Trump announced today that the April 15 individual tax filing deadlines will be extended until July 15 in light of the disruption from the coronavirus pandemic. Earlier this week, Treasury Secretary Steven Mnuchin announced the tax payment deadline would be extended 90 days. Now, as a result of this most recent news, both the tax […]

IRS Tax Tip: Tax credit available for parents who adopt

Taxpayers who adopted or started the adoption process during 2019 should review the rules around the adoption credit. While the amount of the credit increases for qualified taxpayers, the rules remain the same. Here are some facts to help people understand the credit and if they can claim it when filing their taxes: The maximum […]

IRS Tax Tip: 5 steps to protect against identity theft

All taxpayers should make sure they’re doing everything they can to prevent a thief from stealing their identity. Tax-related ID theft occurs when someone uses a taxpayer’s stolen personal information to file a tax return claiming a fraudulent refund. The thieves use personal information like a stolen Social Security number. The IRS and its partners […]

IRS Tax Tip: Gather records early for a smoother tax season

As taxpayers are getting ready to file their taxes, one of the first things they’ll do is gather their records. To avoid refund delays, taxpayers should gather all year-end income documents before filing a 2019 tax return. It’s important for folks to have all the needed documents on hand before starting to prepare their return. […]

Does my working teen still qualify as a dependent on my taxes?

My teens got their first jobs this year. When do they no longer qualify as dependents? Is there an income maximum they shouldn’t exceed or else it has unpleasant tax repercussions for the parent? Whether you are the parent or the teen, landing that first job is a milestone for most families. While the younger […]

IRS Tax Tip: Know the difference between standardized and itemized deductions

It’s a good idea for people to find out if they should file using the standard deduction or itemize their deductions. Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes. Individuals should understand they have a choice of […]

Can you deduct charitable gifts on your tax return?

Many taxpayers make charitable gifts — because they’re generous and they want to save money on their federal tax bills. But with the tax law changes that went into effect a couple years ago and the many rules that apply to charitable deductions, you may no longer get a tax break for your generosity. Are […]

Are you spending enough on advertising?

As the year-end approaches, McDonald’s owner/operators need to be sure they have spent enough throughout the year on advertising efforts. With the launch of BBV2020 in 2018, the spending requirement for owner/operators was reduced from 4 percent of annual sales to 3.2 percent of sales. Between the national advertising spending through OPNAD of 2 percent […]

IRS extends due dates for ACA reporting

The IRS has announced an extension to the reporting deadlines mandated by the Affordable Care Act for Tax Year 2019. The IRS has extended the 2020 deadline from January 31 to March 2 for employers and insurers to furnish individual statements on 2019 health coverage and full-time employee status. The additional time was given in […]