INDIVIDUAL TAX

Potential Proposals on the Horizon: It’s Time to Prepare Your Estate Plan

In 2021, a variety of significant tax proposals have been introduced that have the potential to cause tremendous bearing on individual estate plans. For individuals with irrevocable trusts, these proposals create potential unintended income tax consequences depending on the circumstances. There are currently three primary proposals, one by President Joe Biden, one by Senator Chris [...]

2021-07-29T15:23:21-05:00July 29th, 2021|INDIVIDUAL PLANNING, INDIVIDUAL TAX|

The Basics of Grantor Retained Annuity Trusts

Estate plans are crafted to address the needs of each individual, which means that no two plans are alike. But there is a reason so many estate plans use trusts. Trusts can help protect your assets, reduce or eliminate gift and estate taxes, and ensure a smooth transfer of wealth to the next generation. And [...]

2021-06-21T09:45:56-05:00June 21st, 2021|INDIVIDUAL PLANNING, INDIVIDUAL TAX|

Taking a Fresh Look at Bankruptcy

Oh, the shame of bankruptcy. It’s a negative action that caps off a failure — or so we often think of it. But do we really need to treat bankruptcy as something awful? In the fiscal year ending June 30, 2020, U.S. courts saw 682,363 business and non-business bankruptcy cases. The factors that drive a [...]

Advance Monthly Payments of Child Tax Credit Start July 15 

A summer perk is coming to millions of American families. Under the American Rescue Plan Act that passed in March of 2021, the Child Tax Credit (CTC) amount has increased. Additionally, the federal government will be prepaying a portion of this credit in 2021. The IRS has announced that the first direct monthly payments of [...]

2021-07-13T16:04:40-05:00May 27th, 2021|INDIVIDUAL TAX, TAX REFORM: INDIVIDUAL TAX|

Disaster Victims Get Automatic Extension of Time to File Taxes

Taxpayers affected by February winter storms may qualify for a June 15, 2021 tax return filing deadline. Did you know that if your home or business is in a federally declared disaster area, you may get extra time to file your taxes without having to request it? The IRS estimates that more than 16 million [...]

2021-05-20T13:54:43-05:00May 20th, 2021|DISASTER RECOVERY, INDIVIDUAL TAX|

Tax Strategies for Special Needs Families

If you are caring for a loved one with special needs, you know the costs can be significant. Fortunately, there are important tax opportunities available to you that will help ease the cost associated with extra care. Let’s explore these tax-saving vehicles, credits, and deductions. ABLE Accounts Families should consider investing in an ABLE account, [...]

2021-07-06T15:24:27-05:00April 5th, 2021|INDIVIDUAL PLANNING, INDIVIDUAL TAX|

Additional Tax Deadlines for Individuals Extended to May 17

On March 29, 2021, the IRS announced that individuals now have until May 17, 2021, to meet specified deadlines that would typically fall on April 15, 2021. This announcement expands the IRS guidance issued earlier in March that extended the federal income tax filing deadline for individuals from April 15, 2021, to May 17, 2021. [...]

2021-03-30T16:18:18-05:00March 30th, 2021|INDIVIDUAL TAX|

U.S. Treasury and IRS Postpone Individual Income Tax Filing Deadline

Updated 3.17.2021 With the ever-changing environment surrounding the Coronavirus pandemic, the U.S. Treasury announced that the tax filing deadline for individuals of April 15, 2021, will be pushed back to May 17, 2021. This will allow taxpayers additional time to gather materials and file their taxes in the midst of the COVID-19 pandemic. It is [...]

Now or Later? Weighing 15-year Depreciation vs. 100% Bonus Depreciation for QIP

The Coronavirus Aid, Relief, and Economic Security (CARES) Act gave real property owners new flexibility in how quickly they depreciate real estate qualified improvement property (QIP). Commercial property owners can — for QIP placed in service between 2018 and 2022 — either depreciate 100% in the year it is placed in service, or claim straight-line [...]

2021-03-16T11:47:56-05:00March 12th, 2021|INDIVIDUAL TAX|

Considering a Conversion from Traditional IRA to Roth? Think Twice.

The COVID-19 pandemic has certainly caused havoc in global markets and the U.S. economy throughout 2020. Along with the continued impact of the pandemic, the changing economic policies of a new presidential administration have added more uncertainty to the mix. It’s always important to stay on top of your financial status, but economic “crossroads” moments [...]

2021-06-18T10:29:54-05:00February 24th, 2021|INDIVIDUAL PLANNING, INDIVIDUAL TAX|

Federal Tax Filing Deadline Extended for All 254 Texas Counties

As a result of the recent winter storm, the IRS announced on February 22, 2021, that residents of all Texas counties and/or taxpayers who have a business in Texas would generally have until June 15, 2021, to file and pay their federal income tax. This extension includes income tax returns due on March 15 and [...]

2021-02-24T15:31:38-06:00February 23rd, 2021|BUSINESS TAX, DISASTER RECOVERY, INDIVIDUAL TAX|

Could the COVID-19 Pandemic Raise Your Tax Bill?

In response to widespread social and economic hardship during the COVID-19 pandemic, sweeping legislation and relief programs sought to aid struggling Americans and businesses. Meanwhile, millions of Americans temporarily (if not permanently) turned to remote work and freelance opportunities from the comfort of their homes. Even into 2021, the unpredictable impacts of COVID-19 continue to [...]

2021-02-19T10:56:50-06:00February 19th, 2021|COVID-19, INDIVIDUAL TAX|

Exempt Organizations: IRS Issues Final Rules on 21% Excise Tax on Excess Compensation

The IRS has issued final regulations under Internal Revenue Code Section 4960 regarding the 21% excise tax on excess executive compensation paid by certain tax-exempt organizations, such as nonprofit hospitals. The excise tax applies to an applicable tax-exempt organization (ATEO) that pays a covered employee more than $1 million in remuneration during a year or [...]

2021-02-12T11:04:27-06:00February 12th, 2021|BUSINESS TAX, INDIVIDUAL TAX|

Does Your Home Office Qualify for a Tax Deduction?

With so many business owners working from home this year, it’s important to remember how the home office deduction might apply to designated workspaces within your residence. Who Qualifies The Tax Cuts and Jobs Act suspended the “business use of home” deduction from 2018 through 2025 for employees, which means that if your sole source of income [...]

2021-01-12T11:35:30-06:00January 12th, 2021|INDIVIDUAL TAX|

The Consolidated Appropriations Act (CAA) Includes COVID-19 Relief to Individuals

Congress passed, and the President signed, the nearly 5,600-page Consolidated Appropriations Act (CAA), which includes COVID-19 and economic relief. The CAA includes over $900 billion in wide-ranging COVID-19 and economic relief. We’ve compiled some of the key provisions that affect individuals and their tax situations: Direct Payments of $600 to Americans Individuals making up to [...]

2021-01-11T14:38:42-06:00January 11th, 2021|COVID-19, INDIVIDUAL TAX|

Lending Money to Family? Be Sure to Stay on the Right Side of the IRS

In times of need, family steps up. It’s just what you do. But beware: While loaning money to family might seem like a good idea, if not properly executed, an intrafamily loan can lead to unexpected taxable income, gift tax, or both. Here are five tips to help avoid any unwelcome tax surprises: Document everything. [...]

2021-01-07T12:09:35-06:00January 7th, 2021|INDIVIDUAL PLANNING, INDIVIDUAL TAX|

New COVID-19 Relief Provisions for Individuals and Businesses

In the waning days of 2020, the latest of a series of COVID relief provisions were signed into law. This most recent round of stimulus and tax relief was tied to the Consolidated Appropriation Act. Not only does this bill provide additional economic aid in response to the pandemic, but it also avoids a federal [...]

2021-01-06T07:47:14-06:00December 30th, 2020|BUSINESS TAX, COVID-19, INDIVIDUAL TAX|

What Qualifies You to Receive the Second Stimulus Payment?

Congress passed, and the President signed a $900 billion COVID-19 relief bill providing $600 direct stimulus payments to individuals, $300 to extended weekly unemployment benefits, and more than $300 billion in aid for small businesses, among other COVID-19 relief benefits.   $600 Direct Payments to Americans The bill includes a $166 billion provision for direct payments [...]

2020-12-28T13:08:41-06:00December 22nd, 2020|COVID-19, INDIVIDUAL TAX|

2020 Election – Just How Different Are the Trump and Biden Tax Plans?

With so much election news in the air, small business owners are focused on something other than the coronavirus for a change: tax plans. President Donald Trump’s and former Vice President Joe Biden’s proposed tax policies both have the potential to change the playing field for small business owners. With so much riding on [...]

2020-11-10T15:33:46-06:00October 29th, 2020|BUSINESS TAX, INDIVIDUAL TAX|