From the Press.
Don’t try this at home
As printed by Journal of Accountancy A taxpayer's physical possession of gold coins purchased with her individual retirement account (IRA) caused her to have taxable distributions from the IRA, the Tax Court held. Facts: In 2015, Donna McNulty purchased IRA services...
How married couples can use trusts in estate planning
As printed by Journal of Accountancy This article discusses some strategies that married taxpayers can use to manage their estate tax liability by creating certain types of trusts. During the past 10 years, the federal estate tax has not been a major concern for most...
7 tax changes you need to know before filing for 2021
The 2020 tax year was wild. Pandemic relief bills brought a slew of changes, and filing for the 2021 tax year doesn’t look like it’s going to be much easier. Some temporary tax provisions for the 2020 tax year were extended through 2021, while others were not. Then...
COVID-19: Relief Loans offered under the Paycheck Protection Program (PPP)
In our opinion, the most significant benefit to most small businesses including the self-employed and most non-profit organizations comes in the form of Small Business Administration (SBA) 7(a) Relief Loans offered under the Paycheck Protection Program (PPP).
IRS Addresses Questions Related to Economic Impact Payments
The IRS has announced that distribution of economic impact payments would begin in the next three weeks. However, some seniors and others who typically do not file returns would be required to submit a simple tax return to receive the stimulus payment. Further, the...
President Signs $2.2 Trillion Bill to Support Economy During Virus Pandemic
The Act looks to make a significant impact on the economy by providing loan forgiveness, supporting small businesses, enhancing unemployment insurance, and providing federal loans to industries severely impacted by the pandemic.
President Signs Bill Providing Testing, Employment Relief; Tax Day Moved to July 15
As coronavirus (COVID-19) continues to spread, rattling financial markets, forcing the closures of businesses and schools, and canceling major public events across the country, the Trump Administration and Congress began taking steps to mitigate the impact on Americans.
Income Tax Filing Deadline Moved to July 15 from April 15
Treasury Secretary Steve Mnuchin announced today that the federal income tax filing date has been extended from April 15 to July 15 for people who owe $1 million or less and corporations that owe $10 million or less.
President Signs Bill Providing Testing, Employment Relief; 90-Day Waiver of Penalties and Interest on Tax Payments
This article can be downloaded as a PDF here. As coronavirus (COVID-19) continues to spread, rattling financial markets, forcing the closures of businesses and schools, and canceling major public events across the country, the Trump Administration and Congress began...
TMH, PLLC, Announces Appointment of Paige Johnson as Managing Partner
Paige Johnson was named Managing Partner for TMH, PLLC. TMH is an accounting firm and CPA firm with locations in Hattiesburg, Columbia, and Gulfport, Mississippi.
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