Tax

CARES ACT – Should you take your Coronavirus Related Distribution from your Retirement Plan?

CARES ACT – Should you take your Coronavirus Related Distribution from your Retirement Plan?

As you may have heard, the new “CARES” Act signed on March 27, 2020 creates a new “Coronavirus Related Distribution” option for participants in retirement plans who meet one of the following qualifications: Are diagnosed with SARS-CoV-2 or COVID-19; Have a spouse or dependent with one of these viruses; Are laid off or furloughed, or have a reduction in work hours related to the virus; ...
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Payroll Tax Credit for Qualified Emergency Paid Sick Leave and Emergency FMLA

Payroll Tax Credit for Qualified Emergency Paid Sick Leave and Emergency FMLA

The Department of Labor issued a release giving details on the payroll tax credits for qualified emergency paid sick leave (EPSL) and emergency Family and Medical Leave Act (FMLA) leave under the Families First Coronavirus Response Act (FFCRA).  More guidance will follow. Eligible employers who pay qualifying EPSL or emergency FMLA leave can retain an amount of the payroll taxes equal to the amount of the leave that they paid, rather than deposit those payroll taxes with ...
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Extensions for Tax Returns and Payments

Extensions for Tax Returns and Payments

Federal Income Taxes Pursuant to the President’s emergency declaration, the Treasury Department and the IRS issued Notice 2020-18.  The due date for filing Federal income tax returns and making Federal income tax payments due April 15, 2020, is automatically postponed to July 15, 2020.  Taxpayers (including individuals, corporations, trusts, estates, partnerships, associations, or companies) can defer federal income tax payments due on April 15, 2020, ...
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american dollar bills

THE NEW TAX ACT AND MY ESTATE PLANS: NOW WHAT?

Great news: the new “Tax Cut and Jobs Act” (“TCJA”), doubles the estate tax exemption amount from $5.49 million per individual (the 2017 exemption amount) to $11,180,000 million. (For convenience, this article will use the $5.6 million projected exemption amount for 2018 before TCJA and $11.2 million).  The new higher number will be adjusted for inflation. This means at least until 2026 married couples may have ...
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Joint Ventures & Double BPOL

Joint Ventures & Double BPOL

Authored by attorney Geoffrey G. Hemphill There are many reasons to use a joint venture to bid on a construction project. One potential negative consequence seen recently is the threat of paying the business license tax twice. And as Seinfeld taught us, double dipping is bad and should be avoided. The Virginia Business Professional and Occupational License (BPOL) tax is imposed on a contractor at ...
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