If you are younger than full retirement age and earn more than the yearly earnings limit, the amount you receive may be reduced. If you are under full retirement age for the entire year, $1 is deducted from your benefit payments for every $2 you earn above the annual limit. For 2020, that limit is $18,240. In the […]
Read More… from 2020 Social Security & Full Retirement Age (FRA)
An Offer in Compromise (OIC) is an offer by you to settle the tax debt for less than what you owe. Two payment options: Lump Sum Cash is 20% upfront with balance over five or fewer payments within 5 months of the day your offer is accepted. Periodic Payment requires first […]
§139 of the Internal Revenue Code (the “Code and if you ever tried to read it you will know why they call it Code)”) excludes from a taxpayer’s gross income certain payments to individuals to reimburse or pay for expenses related to a qualified disaster. CONVID-19 is considered a Qualified Disaster in all states…. A […]
Read More… from Qualified Disaster Payments to Employees During COVID-19
Use this link for questions. State of Florida is very good at responding. Be specific. https://floridarevenue.com/faq/Pages/contactus.aspx […]
March 18, 2020 The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t […]
Read More… from 2019 IRS Payments & 2020 estimates DELAYED – Filing dates not changed
There are two kind of leases. Let’s say you “lease” a copier for three years. Sales tax is paid (per Florida lease rules) and at the end of the three years you can buy it for one dollar. That is called a CAPITAL LEASE. It is really just another form of financing. In that case […]
Two Obamacare excise taxes are gone for good: The 2.3% medical device tax and the 40% tax on employer-sponsored “Cadillac” health insurance plans. […]
Read More… from Medical Device Tax – GONE as is Cadillac penalty
RMD (Required Minimum Distribution) Acknowledging that Americans are living and working longer, the SECURE Act increases the RMD age from 70½ to 72, applicable to distributions made after Dec. 31, 2019, for individuals who reach 70½ from Jan. 1, 2020 on. […]
Sometimes the loss on the K-1 is not totally deducted on the 1040 due to basis limitation…. And the unused basis limitation is carried forward in those computations. i.e. You put $10k into new business. The business has a loss of $12k on the first K-1 BUT the 1040 will only show up to […]
Read More… from Why does the 1040 reflect a different figure than the K-1?
You may be subject to GILTI if: U.S. Shareholder – United States Person (citizens, residents, domestic entities) owning at least 10%, directly or indirectly, of the foreign corporation’s voting stock or value (Prior toTCJA only consideration was voting stock). Controlled Foreign Corporation (CFC) – any foreign corporation of which more than 50% of the vote or value is owned by U.S. shareholders on any day during a given year. […]
Read More… from GILTI – be careful – international investments
