Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or […]
On March 17th, 2020 the Treasury Secretary, Mnuchin announced that tax returns are still due by April 15th, 2020. However payments due on that day may be delayed until July 15, 2020 without occurring penalty or interest. The only way to delay payment is to file the return by April 15th, 2020 or file an […]
If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the federal estate tax. Under the estate tax rules, life insurance will be included in your […]
Do you own a business but haven’t gotten around to setting up a tax-advantaged retirement plan? Fortunately, it’s not too late to establish one and reduce your 2019 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2019, and you can make contributions to it that you can deduct on your […]
Good afternoon. Like many of you, we at Wamhoff Accounting are closely following the news and developments regarding the Coronavirus. We understand the collective concerns of clients, employees, and the community and are taking serious precautions to help create a clean and safe environment. These include: Encouraging team members and clients to stay home in […]
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file […]