TAX ALERT: FEDERAL ESTATE AND INCOME TAX PLANNING MAY BE GETTING A MAKEOVER

April 1, 2021

Click HERE to read the article. On March 25, 2021, the Senate Budget Committee held a hearing provocatively entitled, Ending a Rigged Tax Code, to outline estate and income tax proposals that would constitute the most progressive tax plan in generations if enacted: the “For the 99.5% Act” and the “Sensible Taxation and Equity Promotion Act” (STEP).

From Our Friends at Western CPE: Advising President Biden on Tax Increases

April 1, 2021

Click HERE to read the article by Tax Expert Sharon Kreider, CPA. I think we all have ideas on what tax reform should look like for a better America. I’m putting a few items in writing as if I were advising President Biden. We should always remember that to provide comprehensive advice on tax policy.

Tax Day for Individuals Extended to May 17, 2021

March 18, 2021

Here we go again. The IRS has extended the 2020 filing and payment deadline, for individuals only, until May 17, 2021. As of today, this extended deadline does not apply to your first quarter 2021 estimated payments that are due April 15th. We are also awaiting guidance on state extensions.  Please note:  Our document cut-off

Five-Minute Tax Briefing from our friends at Thomson Reuters

February 22, 2021

Item for Monday, February 22, 2021 IRS Notices Possibly Sent in Error:  Earlier this month, the IRS issued notices to approximately 260,000 taxpayers stating they haven't filed their 2019 federal tax return. These notices, referred to as CP59 notices , are issued yearly to identified taxpayers who have failed to file tax returns due the

From our friends at Shumaker, Loop & Kendrick, LLP

February 18, 2021

"Our firm is seeing a fair number of instances where clients have contiguous lots to their primary residence and are unaware that you can qualify for the residential 4% property tax assessment on your primary residence and up to 5 contiguous acres (in addition to other dwellings occupied by immediate family members on the contiguous

Introducing…

February 18, 2021

Jamal Sangster, TLG Intern Jamal is originally from Chicago, IL and attended Benedict College and Strayer University.  He decided to pursue accounting because he enjoys working with numbers.  Jamal's experience includes entity tax returns, and he is excited to learn more about individual tax during his internship with TLG.  Jamal’s hobbies include cooking and grilling

Wondering if any of the COVID relief programs apply to you?

February 17, 2021

CLICK the following topics to find out more. COVID-19-Related Tax Credits: Basic FAQ FAQs: Employee Retention Credit under the CARES Act Deferral of employment tax deposits and payments through December 31, 2020 https://www.taxpayeradvocate.irs.gov/covid-19-home/biztaxrelieftool/ Click the Download button to read about the topic. Employers may claim an employee retention tax creditDownload IRS issues guidance on CARES

DON’T MISS YOUR CHANCE TO GET THE SECOND ROUND OF PPP LOANS

January 22, 2021

To usher in 2021 and provide much needed COVID relief, the SBA resumed the Paycheck Protection Program on January 11. While the first week of the program was available only to select small businesses, the program opened for all on January 19. This second round of funding is available for both first- and second-time borrowers

Introducing SafeSend Returns

January 22, 2021

Beginning in January 2021, we will be implementing our new tax return delivery software, SafeSend Returns. This new platform will automate the delivery, review, and signature of your federal and state income tax returns from the convenience of your computer, smartphone, or tablet. SafeSend Returns is user-friendly, highly secure, IRS approved, and an easier way for

More Coronavirus Relief is Here

December 29, 2020

More Coronavirus Relief is Here(this time you are going to like it!) Surprise, surprise – it seems there was some holiday cheer on Capitol Hill, and a long-anticipated COVID relief bill was passed late last night. Below are a few highlights from the bill expected to be signed by the President this week. Individual Updates