A Novel Way to Make COVID-19 Relief Donations

Article Highlights: Donating unused vacation time, sick leave and personal time Employer’s Function Great Donation Opportunity On March 13, 2020, the President issued an emergency disaster declaration under the Stafford Act as a result of the coronavirus pandemic. The disaster area covers all 50 states, the District of Columbia, and five U.S. Territories. As a […]

IMMEDIATE ACTION REQUIRED: Important Tax Filing Information for July 15, 2020

The Supreme Court has taken up a case that will determine the constitutionality of the Affordable Care Act (ACA). While it is highly unlikely that the Supreme Court will retroactively deem this Act unconstitutional, the decision to strike down the ACA would likely also invalidate two taxes on high-income individuals, including the net investment income […]

Here’s What Could Happen If You Try to Short-Change the IRS

Article Highlights: Self-employed taxpayers Underreported income Unscrupulous tax preparers Phony deductions or credits Inflating the Earned Income Tax Credit Taking fake education credits Petty cheating Some refer to it as “creative accounting” or just “a little fudging here and there.” However, if your tax return is missing some income that should have been reported or […]

Important Tarlow Tax Update: President Trump Extends Tax Filing Deadline

In a tweet on Friday, March 20, 2020, President Trump has directed Treasury Secretary Steven Mnuchin to extend the tax filing deadline to July 15, giving taxpayers more time to file their taxes in the midst of the coronavirus pandemic. “At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15,” said […]