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Federal Tax Update – March 2020

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INDIVIDUALS P.L. 116-136, the Coronaviris Aid, Relief and Economic Security (CARES) Act: ●          Creates a credit against 2020 taxes in the form of a rebate for U.S. residents with social security numbers and not a dependent of another based on 2019 adjusted gross income (or 2018 if 2019 is unfiled) of $1,200 ($2,400 if married) […]

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The CARES Act: Part Three of the COVID-19 Relief Effort

What this emergency $2 trillion package means for individuals and businesses. On March 27, President Trump signed the $2 trillion CARES (Coronavirus Aid, Relief, and Economic Security) Act (H.R. 748). This is the third in a series of monumental COVID-19 relief packages, and it provides for numerous tax, grant, and loan provisions designed to provide […]

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Member Spotlight: Daniel J. Hoffman

Member Spotlight

Dan was born and raised in South Bend, Indiana. He earned a bachelor’s degree in accounting from Indiana University at Bloomington in 1980, attended Notre Dame Law School as a visiting student, and obtained his Juris Doctorate from DePaul University in Chicago in 1986. Dan has served as an audit and tax accountant for Price […]

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Families First Coronavirus Response Act

What small- and mid-sized companies need to know now. Daniel F. Rahill, CPA, JD, LL.M., CGMA March 23, 2020 On March 18, 2020, President Trump signed the second bipartisan stimulus package, the Families First Coronavirus Response Act. The Act provides for free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, and expands […]

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How SECURE Are Your Finances?

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The SECURE Act, signed into law at the end of 2019, significantly changes retirement plan distribution rules, affecting everything from required minimum distributions (RMDs) to inheritance and estate planning. As a result, investors with IRAs and retirement plans need to revisit—and maybe reconsider—beneficiary designations, estate plans, and trust provisions. Prior to the Act, a taxpayer […]

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Federal Tax Update – February 2020

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INDIVIDUALS In Keels v. Commissioner, TC Memo 2020-25, the Tax Court determined that amounts paid into a PayPal account in the taxpayer’s name and social security number were not income to him as the account was used to receive money from persons buying tickets to a fundraiser; the Court also held that amounts backed out […]

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Federal Tax Update – January 2020

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INDIVIDUALS In Gebman v. Commissioner, TC Memo 2020-1, the Tax Court denied numerous deductions related to a rental property, the application of basis in cashing an IRA and a net operating loss carryforward in excess of $1.4 million when none of it could be proven; the Court once again stated that providing a copy of […]

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Federal Tax Update – December 2019

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INDIVIDUALS The Taxpayer Certainty and Disaster Tax Relief Act of 2019, part of Public Law 116-94, the Further Consolidated Appropriations Act of 2020, extends through 2020: ●          The exclusion of up to $2 million on discharge of acquisition indebtedness on a principal residence. ●          The limited above-the-line deduction for higher education expenses of lower and […]

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