Do you have a square to spare? Consult your estate planning attorney and ask whether hoarding is considered estate planning in light of COVID-19 pandemic. If you have made a trip to Costco or to your local grocery store to buy toilet paper you may have a surprise. For instance, you know that there is
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ESTATE PLANNING FOR COVID-19
THE INCREASED IMPORTANCE Are your affairs in order? Estate Planning for COVID-19. Most people do not want to talk about the possibility of being physically or mentally incapacitated, about death, or what happens to your loved ones after you pass away. It is a sensitive subject, but without a comprehensive estate plan, family members can
Coronavirus COVID-19 and Taxes
Coronavirus COVID-19 and Taxes. The first reported cases of Coronavirus (COVID 19) in the United States happen to coincide with income tax filing season. For tax people like us, Coronavirus COVID-19 and taxes begs the question, how will Coronavirus affect the taxes of individuals and businesses? This article will be based on the laws currently
DOES YOUR CONTRACT HAVE THE CORONAVIRUS?
Most contracts include force majeure clauses that excuse a nonperforming party when certain circumstances prevent a party from fulfilling its contractual obligation such as “acts of God,” flood, fire, governmental action, riots, labor shortages and disputes, shortages of supplies or materials, and other similar circumstances beyond the reasonable control of the party. In fact, the
IRS Form 8300 Compliance and Audit
If we deal with large cash payments of more than $10,000.00, we must report this to the IRS by filing the IRS Form 8300. The form needs to be finished timely, correct, and complete notices to the person(s) required to be identified on the Form 8300. The purpose of this requirement is to provide valuable
Marijuana and Taxes
Marijuana and Taxes. The legalization of cannabis use and sales is becoming more widespread. What Tax consequences should tax payers be aware of? We opened a cannabis business in a legalized state, is there anything we should be aware of? Yes! With legalization of cannabis comes a myriad of concerns about health, social and criminal
WOULD A QUALIFIED OPPORTUNITY ZONE HELP US?
What is a Qualified Opportunity Zone? Created by the 2017 Tax Cuts and Jobs Acts, Qualified Opportunity Zones (QOZ) were designed to incentivize investment and assist in economic development in low-income communities throughout the United States and its territories. So, what is an opportunity zone? These zones are economically distressed communities throughout the country with
Part B of the ABC Test for AB5
AB5 created a three-part test business must generally pass in order for it to classify a worker as an independent contractor under California Law. Part B of the Dynamex or ABC test is whether the worker “performs work that is outside the usual course of the hiring entity’s business.” Part B of the test is
New Argument for Contesting the Trust Fund Recovery Penalty
Employers are responsible for withholding income and employment taxes from their employees. These taxes are referred to as trust fund taxes because the employer is only holding the money for the employee to pay the IRS. When an employer fails to withhold the money and pay it to the IRS, individuals who are “responsible” and
Is Health Insurance Mandatory?
Under the Affordable Care Act, also known as Obamacare, Americans were required to have health insurance coverage for their household. Failure to have health insurance coverage triggered a tax penalty. However, as of January 1, 2019, health insurance coverage is no longer mandatory at the federal level. This means that the Internal Revenue Service (IRS)