Year: 2021
June 29, 2021 by Staff
Now that the democrats have control of all three branches, there have been a few estate planning proposals that could significantly alter the estate planning landscape. Over a series of three blogs, I will discuss: President Biden’s proposal to treat gifts/death as a realization event Senator Bernie Sanders’ proposal to...
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The IRS has postponed the April 15, 2021 deadline for individual taxpayers to May 17, 2021. This covers both the tax return itself (Form 1040) and the payment of any 2020 balances due. Minnesota has also pushed back the due date until May 17 for individual taxpayers. In addition, the...
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The Employee Retention Credit (ERC) became more relevant for many employers with the passage of recent tax laws. The credit is now eligible for Paycheck Protection Program (PPP) borrowers and the credit extends through December 2021. The IRS recently issued guidance on the 2020 credit, such as eligibility requirements and...
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January 27, 2021 by Staff
After the 2020 election and Georgia runoffs, Democrats now control both the House and the Senate. This has the potential to have a significant impact on estate and wealth transfer planning in 2021 and going forward. Part of President Biden’s tax agenda includes reducing the estate tax exemption to Pre-TCJA...
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January 8, 2021 by Tracey Nagel
The IRS has changed the 1099 reporting requirements related to nonemployee compensation. Nonemployee compensation will now be reported on Form 1099-NEC rather than Form 1099-MISC. As was the case under the old rules, only payments for services of $600 or more require a 1099-NEC. If the recipient is taxed as...
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