In Notice 2020-17, the IRS provided guidance about the recently announced extension of federal tax payments due April 15, 2020. Here are the details of the guidance: This also includes an extension of time to file till 7/15 Individuals can postpone making their April 15th income tax payments up to $1,000,000 until July 15, 2020. The limit applies in the aggregate to an extension payment for 2019 and an estimated payment for the
The Tax Cuts and Jobs Act, H.R. 1, agreed to by a congressional conference committee on Friday and expected to be voted on by both houses of Congress during the week of Dec. 18, contains a large number of provisions that would affect individual taxpayers. However, to keep the cost of the bill within Senate budget rules, all of the changes affecting individuals would expire after 2025. At that time,
WASHINGTON — The Internal Revenue Service today warned people to avoid a new phishing scheme that impersonates the IRS and the FBI as part of a ransomware scam to take computer data hostage. Read more by clicking link below. IRS Issues Urgent Warning to Beware IRS FBI Themed Ransomware Scam | Internal Revenue Service
Divorce and Taxes
Divorce changes many things. If you’re considering getting a divorce, don’t forget to consider your following year’s taxes. Usually, legal fees involved in a divorce aren’t a deductible item unless the fee was for tax advice. For divorce-related tax questions, contact me before the divorce decree becomes final to ensure you understand the tax consequences of your agreement.
The newly enacted tax law is a boon for investors. Specifically, the law reduces your tax on long term capital gains and qualified dividends. In addition, you now have lower federal tax rates on your regular income such as salary and interest income. The new law reduces the maximum tax on long term (LT) capital gains to 15%, down from 20%.