Families First Coronavirus Response Act

You have likely heard about, and may be following, the economic stimulus bill that the U.S. House of Representatives passed last week and that was endorsed by President Trump. At this time, the bill has not moved through the Senate and to the President’s desk. Given this, the information below is likely to change. Since…

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Tax Payment Deadline Delayed by 90 Days

At a Tuesday White House briefing, Treasury Secretary Steven Mnuchin announced new relief measures that are effective immediately.  Today we have received written guidance from the Treasury Department outlining the items below. The Internal Revenue Services (IRS) has extended the tax payment deadline for 2019 income taxes and 2020 estimated taxes for individuals who owe…

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Repairing Your Business’s Bad Credit Score

The creditworthiness of your business is measured by its credit score. This number is issued by Dun & Bradstreet, Experian, Equifax, and FICO SBSS, and is an essential reflection of your company’s payment reliability and timeliness. Why is Your Business Credit Score Important? Your company’s overall financial health is of key importance to any lenders,…

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Is Your Will or Trust Up-to-Date?

When was the last time you or your attorney reviewed or updated your will or trust? If it was before the passage of the 2017 tax reform legislation, or the Tax Cuts and Jobs Act (TCJA), your documents may be out of date. Among the many changes in that law was a more than doubling…

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Congress Passes Last-Minute Tax Changes

Congress, at almost the last minute, has passed a large number of tax changes, including retirement plan issues that will become effective in 2020, as well as extensions through 2020 of a number of tax provisions that had expired or were about to end. The list of changes is quite large, so we have only…

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Life Changing Events Can Impact Your Taxes

Throughout your life there will be certain significant occasions that will impact not only your day-to-day living but also your taxes. Here are a few of those events: Getting Married – If you just got married or are considering getting married, you need to be aware that once you are married you no longer file…

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Tax Issues Related to Hobbies

Generally, when individuals have a hobby, they have it because they enjoy it and are not involved in their hobby with the goal of making money. In fact, most hobbies never make money or don’t even create any income, for that matter. Tax law generally does not allow deductions for personal expenses except those allowed…

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