Notice 2020-79 issued yesterday by the IRS covers the inflation adjustments for items such as 401(k) contribution limits, deductible IRAs, the saver’s credit, etc. Full details are available here.
The income side of fiscal policy (i.e. taxation) is always highly politicized. The song never seems to change. Republicans think everyone pays too much. Democrats think everyone pays too little. An oversimplification? Maybe. Nonetheless a basic understanding of the proposals independent of the emotionally-charged rhetoric can go a long way towards achieving Thomas Jefferson’s view [...]
Did you get a PPP loan of $50,000 or less? Good news. Compliance just got a little easier. On October 8th the Treasury Department in conjunction with the Small Business Administration released a simplified forgiveness application and instructions. This comes on the heels of a new interim final rule providing updated guidance on forgiveness and review [...]
As we wrote about in December 2014 the Achieving Better Life Experience (“ABLE”) was signed into law to provide a means for saving and paying for disability-related expenses. While ABLE contributions are not tax deductible distributions are tax-free to the designated beneficiary if used to pay for qualified disability expenses. Examples include: housing health, prevention [...]
Why would anyone want to live in California? The more you have the more they want…so they can give it to someone else. In our two-party system country it’s a one-party state anomaly. It’s been Democratic for eons but for the brief tenure of Gov. Schwarzenegger. Where does the system of checks and balances lead [...]
What each candidate has in mind for our tax dollars:
Realizing that in 2020 we speak in silly absolutes (e.g. if you aren’t outraged that your toaster has darkness settings then you are racist) we’ll preface this post with the following: We’re apolitical. We don’t care. Democrat or Republican. Whatever. Can we all just get along? Anyway... Back in 2016 we wrote about the Delaware [...]
Although the SECURE Act (“Setting Every Community Up for Retirement”) was largely focused on retirement rules (e.g. changing RMD age from 70 ½ to 72) several provisions were included that impact an important way many of us save for the education of our children. So-called §529 plans – a tax-deferred and possibly tax-free means of [...]
When the government rushes out a program that lacks oversight and is based upon arbitrary rules it’s going to create many unintended consequences. If you’re pro-Democrat or pro-Republican you can find what you like/dislike about ‘stimulus’ payments and head over to Twitter for ‘reasonable and intelligent discourse.’ This post is not about commentary. We’ve already [...]
Want to play the audit lottery? Taxpayers are often concerned about an audit. There's a proverbially better chance of being struck by lightning.