Five Steps to Completing the New W-4 Form for 2020
The Tax Cut and Jobs Act (TCJA) brought about numerous changes to many IRS forms. To more accurately calculate employee withholding, the W-4 Employee’s Withholding Certificate was altered for 2020. The previous form focused on personal exemptions, while the new form considers all aspects of income. The new W-4 has
Year-end, Year-Round Tax Planning Update
The end of the year represents the perfect opportunity to reflect on the last 12 months and to review your overall personal financial situation. We’ve had a year to assess the impact of 2018’s tax reform bill and to understand how your own tax situation was affected. Reviewing your tax
Social Security Changes You Need to Know for 2020
Every year, the Social Security Administration adjusts the regulations for the Social Security program. These adjustments include various items such as the retirement age, earnings cap and benefit payout. The changes for this upcoming year are summarized below: Full Retirement Age Full retirement is the age at which the Social
The SECURE Act of 2019 Could Change the way you Look at Estate Planning
The SECURE Act (Setting Every Community Up for Retirement Enhancement) of 2019 is poised to make big changes to estate planning. Money put into a retirement account with pre-tax dollars is not taxed until it is withdrawn from the account, the SECURE Act will reduce the time an inherited retirement
The IRS Will Waive Some Penalties for Tax Underpayments
Taxpayers that don’t withhold and make estimated tax payments equal to 110% of the prior year tax or 90% of the current year tax are subject to Federal tax penalties. The IRS is not going to assess a penalty for individuals who have paid in at least 85% of their
Taxpayers Targeted in Latest Phishing Scam
The holiday season can be a wonderful time of the year but it is also a time when there is an increase in telephone-related scams. Tax scams can take on many different forms. Taxpayers need to keep their guard up against sophisticated and aggressive telephone scams. There is currently an