Loan forgiveness, Paycheck Protection, Payment Deferral & Eligibility Under the CARES Act
Barnes Dennig is dedicated to helping you identify opportunities, options and strategies to minimize the impact of the COVID-19 Pandemic. Visit our COVID-19 Advisory Services Page here to learn more. The Coronavirus, Aid, Relief, and Economic Security (CARES) Act passed in the Senate in the evening of March 25, 2020.
Is Your Estate Plan in Order?
With the estate and gift tax exemption at $11.58 million ($23.16 million for a married couple), there are fewer people that are exposed to the federal estate and gift tax. However, unbeknownst to many, the $11.58 million exemption (indexed for inflation) will be retired in 2025 and go back to
Face-to-Face Meetings with Noncompliant Taxpayers
Many people receive IRS notices in the mail, which can be frustrating when trying to resolve the issue since “snail mail” takes forever. Also, let’s not mention the hours spent on hold when trying to discuss the matter with an agent over the phone. Trying to resolve the tax issue
Final Bonus Depreciation Regulations Issued
The IRS issued final regulation on bonus depreciation under IRC Sec. 168(k) on September 16, 2019. This was a follow up to their previously issued proposed regulation released in August 2018. The final regulation clarified that qualified improvement property placed in service after 2017 is no longer eligible for bonus
Virtual Currency Owners: Be on the Lookout for IRS Letters!
The IRS has started sending out educational letters to taxpayers with virtual currency transactions that have possibly failed to report income and pay the tax from the virtual currency transactions or did not report their transactions properly. There are three variations of the letter: Letter 6173, Letter 6174 and Letter
Changes to Employee Parking Deduction May Save you Money
Effective January 1, 2018, IRC §274 was amended through the Tax Cuts and Jobs Act (TC&JA) and generally disallows an employer’s deduction for expenses with respect to the cost of Qualified Transportation Fringe Benefits (QTFs) provided to employees. However, the TC&JA did not address how to determine the amount of