Property Tax

Key Provisions of the CARES Act

Distributions can be waived in 2020 for Inherited Accounts, 401(k)s, and IRAs. Recently, the $2 trillion “Coronavirus Aid, Relief, and Economic Security” (“CARES”) Act was signed into law. The CARES Act is designed to help those most impacted by the COVID-19 pandemic, while also providing key provisions that may benefit retirees.1 To put this monumental [...]

PA State Tax Filing Deadline Moved, Office update

In this period of change due to the COVID-19 threat, we have seen how decisions by government officials alter by the hour. As a result of this, after we sent out our announcement on Friday, March 20th, that the Life Financial Group and Beacon Tax offices would be closed in the state of Pennsylvania, we [...]

COVID-19 Office Update, Mnuchin Announces Federal Tax Day Moved

Dear Clients – As we have all seen in the past few weeks the situation with the COVID-19 pandemic has been an ever-evolving situation as our government officials grapple with determining the best approach to minimize the spread. The governor of Pennsylvania, Gov. Tom Wolf, has issued official orders stating that, “Effective 8 p.m. Thursday, [...]

The SECURE Act

Long-established retirement account rules change. The Setting Every Community Up for Retirement Enhancement (SECURE) Act is now law. With it, comes some of the biggest changes to retirement savings law in recent years. While the new rules don’t appear to amount to a massive upheaval, the SECURE Act will require a change in strategy for [...]

Red Flags for Tax Auditors

Here are six flags that could make your tax return prime for an I.R.S. audit. No one wants to see an Internal Revenue Service (I.R.S.) auditor show up at their door. But in 2018, the I.R.S. budget is roughly $1 billion less than it was 8 years ago, down from $12.1 billion in 2010 to [...]

IRS has begun sending letters to virtual currency owners advising them to pay back taxes, file amended returns; part of agency’s larger efforts

IRS has begun sending letters to virtual currency owners advising them to pay back taxes, file amended returns; part of agency’s larger efforts WASHINGTON — The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or [...]

IRS: Choose tax preparers carefully Tax return preparer fraud makes IRS’ 2019 ‘Dirty Dozen’ list of tax scams

WASHINGTON — The Internal Revenue Service today included tax return preparer fraud on its "Dirty Dozen" list of common tax scams for 2019 and offered tips to help taxpayers avoid unscrupulous tax preparers. With the Tax Cuts and Jobs Act, the most sweeping tax reform legislation in more than 30 years now in effect, some [...]

New Rules on Rental Deduction

The IRS released a new Notice on Friday, January 18, 2019 regarding rental properties.  Some rentals will qualify for a special QBI deduction under the new tax laws.  To qualify for 2019 onward, a contemporaneous log of your hours of activity related to each rental is required.   We urge you to begin keeping such records [...]

IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018

WASHINGTON — The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of [...]

Caution on Your Tax Withholding for 2018 / 2019

  Following feedback from the payroll and tax communities, the Treasury Department and the IRS will make changes into a new version of the Form W-4, Employee’s Withholding Allowance Certificate, for 2020.  The 2019 version of the Form W-4 will be similar to the current 2018 version. The Form W-4 for use in 2020 will help employees improve withholding accuracy, and [...]

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