With the upcoming change in the federal administration on January 20, 2021, both individual and business taxpayers should be prepared for potentially major shifts in federal tax laws. A new administration often seeks to revamp federal tax statutes, but President-elect Biden’s objective for 2021 and subsequent years is to bring
In a recent Wall Street Journal article by Tom Herman entitled “The 2020 Taxpayers End-of-Year Checklist,” Sidney Kess discusses the benefits of opening a donor-advised fund. The article notes: This is a popular, relatively simple and tax-smart way to donate to charity. It’s a “terrific” charitable-giving vehicle, says Sidney Kess,
By Sidney Kess and Julie Welch The CPA Journal June 2020 Good times or bad, it is vital for investors to hold cash reserves. Federal deposit insurance provides an extra layer of comfort, so it is vital for CPA advisors to know the rules and be able to explain them. The
By Sidney Kess The CPA Journal April 2020 The Coronavirus Aid, Relief, and Economic Security (CARES) Act (H.R. 748), signed into law on March 27, 2020, is a $2.2 trillion package enacted to help individuals and businesses get through the health and economic crisis triggered by the coronavirus pandemic. The act
By Sidney Kess The CPA Journal April 2020 The coronavirus (COVID-19) pandemic has not only upended the economy; it has also been the catalyst for several tax changes. The Families First Coronavirus Response Act (H.R. 6201), which was signed into law on March 18, 2020, creates new paid leave payments for
By Sidney Kess and Julie Welch The CPA Journal April 2020 The Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed into law by President Trump on December 20, 2019, as part of funding legislation for the federal government, has many provisions relating to financial planning, especially retirement planning with
By Sidney Kess and Julie Welch The CPA Journal April 2020 The Setting Every Community Up for Retirement Enhancement (SECURE) Act has many provisions relating to financial planning, especially retirement planning with IRAs and employer-sponsored plans. Among the provisions attracting the most attention is the curtailing of “stretched” inherited retirement assets.
By Sidney Kess and Julie Welch The CPA Journal February 2020 With stocks at or near record levels, prudent financial planning might call for taking defensive measures. One strategy could be to focus on dividend-paying stocks. Companies that make enough money to distribute some to shareholders tend to be financially strong,
By Usman Mohammad The CPA Journal February 2020 Edition Foreign asset reporting—including the reporting of foreign retirement plans—is a high priority for the IRS, which in 2019 listed the “failure to report offshore funds” as one of its “Dirty Dozen Tax Scams,” and has done so for several years running. Individuals
By Sidney Kess The CPA Journal January 2020 To fund the government through the end of its 2020 fiscal year and provide funding for various projects and purposes, Congress passed a massive spending measure just before adjourning for the Christmas holiday; this measure was signed into law on December 20, 2019.
