Dec 23, 2020 | Personal Tax, Tax Planning
The CARES Act extensions and pandemic provisions bill allows taxpayers to roll over unused amounts in their health and dependent care flexible spending arrangements from 2020 to 2021 and from 2021 to 2022. This provision also permits employers to allow employees to...
Dec 22, 2020 | Corporate Tax, Personal Tax
The Internal Revenue Service today issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2021, the standard mileage rates for...
Dec 16, 2020 | IRS, Personal Tax
As we quickly approach the beginning of the 2020 tax season, we wanted to make our clients aware that this year we also will need your IRS Notice 1444, the statement of your Economic Income Payment. This notice provides information about the amount of your payment,...
Oct 7, 2020 | COVID-19, Personal Tax
Michelle Singletary from the Washington Post reminds readers that withdrawing money from IRAs and 401(k)s under the CARES Act comes with COVID-related stipulations. Please review her list of pre-qualifications before making any withdrawals.
Jul 20, 2020 | Personal Tax
Up to 50% or more of a taxpayer’s Social Security benefits may be taxable, depending on annual income. If you’d like to find out more about the details of the taxable portion of your benefits, please see this IRS brief. Please know N&Co always takes these formulas...
Jul 17, 2020 | COVID-19, Personal Tax
According to the IRS, qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020. These coronavirus-related distributions aren’t subject to the...
