Newburg Staff Writers-March 11, 2021 (6:00 AM) Congress approved the expansive $1.9 trillion relief package on Wednesday, authorizing new federal spending, covering such areas as school and college aid, vaccine distribution funding, as well as a variety of areas assisting both businesses and individuals. Some of the key highlights [...]
Newburg Staff Writers-March 9, 2021 (12:00 PM) The Tax Cuts and Jobs Act of 2017 (TCJA) introduced the Qualified Business Income deduction (QBI) under Code Section 199A, whereby pass-through entity owners (partnerships, LLCs, LLPs. S-Corps, and sole proprietors) could be eligible to deduct up to 20% of the profits [...]
Newburg Staff Writers-March 8, 2021 (12:00 PM) Which foreign assets do I report to the IRS? For individuals, the U.S. operates under a worldwide taxation system. As a result, there are numerous foreign assets, some subject to taxation, that a person may have to report on their U.S. tax return. These [...]
For many people, an important goal of estate planning is to leave a legacy for their children, grandchildren and future generations. And what better way to do that than to help provide for their educational needs? A 529 plan can be a highly effective tool for funding tuition and [...]
If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, [...]
Newburg Staff Writers-March 2, 2021 (4:00 PM) The tax filing deadline for Individuals, C Corporations, and most Trusts is quickly approaching. Please note that Newburg | CPA is working expediently on the returns for those clients who have already provided the materials to complete the preparation of their tax [...]
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: [...]
If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends. What [...]
Newburg Staff Writers-February 15, 2021 (9:00 AM) A gift is any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return. The donor is generally responsible for reporting these gifts via an annual gift tax return (along [...]
To gift or not to gift? It’s a deceptively complex question. The temporary doubling of the federal gift and estate tax exemption — to an inflation-adjusted $11.7 million in 2021 — is viewed by some people as a “use it or lose it” proposition. In other words, you should [...]
