Below is a select summary of certain items that we believe would impact our client base. This is not an all-encompassing summary, and there are other tax proposals that have been discussed. The below items are just items that
As mentioned in our January 18, 2021 blog posting titled, “State Conformity to CARES Act,” many states have not yet conformed or adopted the changes under the CARES Act or the Consolidated Appropriations Act 2021 (CAA). Indiana has “static”
While more than 20 states automatically conform (also known as “rolling conformity”) to federal law changes, the remaining states have either “selective” conformity or “static” conformity where legislation is required to conform to Federal law changes. While the CARES
The Indiana Small Business Development Center (SBDC) announced applications are open for the Indiana Technical Assistance Program (INTAP) through Feb. 15, 2021. This statewide initiative connects small businesses with critical professional assistance to complete growth and improvement projects. Through INTAP,
You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time
If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estimated tax payment deadline for individuals is Friday,
The IRS has announced starting in January 2021, the Identity Protection (IP) PIN opt-in program will be expanded to all taxpayers who can properly verify their identities. The IP PIN is a six-digit number assigned to eligible taxpayers to help
As we approach year end, companies need to be aware of how COVID-19 and the subsequent increase in teleworking/remote workers, affects their employees’ state withholdings and possible new state filing obligations for the business. Income Tax Withholding for Remote Workers
Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer is … it depends. The key factor is who paid for the benefit. If the
In a welcome notice released on November 9, 2020, the IRS announced that proposed regulations will be issued to clarify that state and local income taxes imposed on and paid by a partnership or an S corporation (i.e., pass-through entities
When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed
If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise Sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this
