On March 18, 2020, Notice 2020-17 issued and gave taxpayers more certainty as to filing and payment information for this season’s returns. As reported in my post of March 18, 2020, the filing deadline of April 15th remains in place. The payment deadline is extended to July 15th (which is 91 days from April 15th, […]
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Form 1040 Filing Date Not Extended
Treasury Secretary Steven Mnuchin stated at a press conference on March 17, 2020 that the payment deadline would be extended 90 days from April 15, 2020. His comments did not alter the Form 1040 filing deadline of April 15, 2020. Individuals can defer up to $1M, and corporations are able to defer up to $10M […]
The Current Thinking on Student Loan Repayment – Relief or Windfall?
The IRS recently announced it was expanding aid to taxpayers indebted to federal or private student loans for attendance at both non-profit and for-profit schools. Rev Proc 2020-11 issued January 15, 2020, and it provides safe harbor relief against income recognition after loan discharge for the following three specific situations. Any taxpayer whose private student […]
Final QOZ Regs Provide Guidance to Taxpayers
By: Rachel Parsia, CPA and Nick Spoltore, Esq. It is that dreaded time of the year. The holidays are over. No longer is it socially acceptable to wake up and eat a plate of candy and cookies for breakfast. Even worse, busy season is looming just around the corner. But fear not, there is one […]
The Increasingly Difficult Funding Issues Behind Long-term Care and College Saving
Stressors abound in our increasingly hectic days. Two worrisome issues that seem to be front and center in our lives today are long-term care and paying for college. So here at Surgent, we decided to put together an informative webinar on these two emerging practice areas. They’re topics that represent increased billables among practitioners, yet […]
SECURE Act Included in Year-End Spending Package
After months of stalled progress in the Senate, Congress passed the Setting Every Community Up for Retirement Enhancement Act (“SECURE” Act). This bill was attached to H.R. 1865, the “Further Consolidated Appropriations Act, 2020,” a $1.4 trillion year-end spending bill that funds the Federal Government through September 30, 2020. President Trump signed the bill into […]
SALT-y High-Tax States File Appeal
The Tax Cuts and Jobs Act of 2017 (“TCJA”) was the most comprehensive overhaul of the Tax Code in over 30 years, but one of the most controversial changes was the limitation of the State and Local Tax (“SALT”) deduction. Prior to tax reform, taxpayers who itemized their deductions were eligible to deduct 100% of […]
Do Yourself and Your Clients a Favor – Attend Surgent’s Virtual Tax Conference 2019
It’s that time of year again. No, we’re not talking candy canes, presents under the tree, and the subsequent cherub in a top hat, sash, and diaper as Baby New Year in January, 2020. We are talking about our annual Virtual Tax Conference. This year’s offering should not be missed by any CPA or tax […]
401(k) Contribution and Catch-up Limits Rise for 2020
On November 6, 2019, the IRS announced in Notice 2019-59 the following cost-of-living adjustments for 2020: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $19,000 to $19,500; The catch-up contribution limit for employees aged 50 and over who participate in […]
Random Musings on the Wealth Tax
By Nick Spoltore What image comes to your mind when you think about Robin Hood? Is it the incredibly charismatic Errol Flynn in The Adventures of Robin Hood from 1938? Perhaps you envision the 12th century English folk tale adventurer as depicted by Kevin Costner or Russell Crowe. My favorite would undoubtedly be Robin Hood […]