While everyone is busy wondering how to store another 1000 rolls of TP in their garage, many are unaware of a sidebar problem – tax filings due April 15 can be affected if you are waiting on data from sources that have shut down or are working with less staff than normal.
Today the Treasury Secretary announced that the normal Tax Filing deadline of April 15 would be extended 90 days to July 15, 2020. Details have not been released yet however based on remarks it appears that:
At O&S, we are keenly aware of the potential impact of the coronavirus COVID-19. We are taking steps to provide for the continuity of our client services and the safety of our employees and clients as we navigate through the uncertainly of the outbreak.
With the new standard deduction amounts being introduced in 2018, it might not be reasonable for taxpayers to itemize their deductions moving forward. However, if you still plan to itemize, here are some notable changes that you should take into account for 2018. Capping of the State and Local Taxes Deductions (SALT) The number to [...]
Behavioral problems, medical expense deduction? Do you have a child with behavioral issues? Did you know that expenses for the treatment as well as tuition for boarding schools may qualify as a medical expense? According to IRC Section 213, expenses paid for medical care of the taxpayer, spouse or a dependent may be [...]
This final week in June has seen the release of the first draft of the upcoming 2018 “Postcard” Tax Return from the US Treasury. After months of waiting, we are finally getting a glimpse of the changes that will be impacting next year’s tax season, even if in preliminary form. Next year’s Individual Income Tax [...]
May 29, 2018 In the words of President Terry Geiling, “American Gold Star Manor is Long Beach’s best-kept-secret,” providing independent and affordable senior living for Gold Star Mothers and Fathers, veterans, and other qualified seniors. After working alongside Terry Geiling, Glen Patrick (Chief Operating Officer), Bethann Cairns (Office Manager), and other wonderful staff members, we [...]
If you are deciding whether or not to invest in a vehicle for your business, you should consider the tax implications. New Qualified Plug-in Electric Credit U.S. Code § 30D allows for a tax credit for plug-in electric vehicles drawing propulsion energy from a battery with five kilowatt hours or more of capacity. The credit [...]
When requested to prepare fiduciary accountings, I would first ask the following questions: What will the fiduciary accountings be used for? Are they going to be filed in court? What is the time period of account? The answer to questions 1 and 2, would determine the level of detail required of the accountings. There are [...]
Happy 529 day! While many may be more familiar with other May days such as Memorial Day, Cinco de Mayo and Star Wars Day (May the Fourth be with you), parents and grandparents with children in their early years should be more aware of a lesser known May day, also known as 529 day (Section [...]