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Pressure from this summer’s housing inventory shortage caused U.S. home values to rise sharply in August. They are up 0.7% from July to $256,663, the biggest month-over-month increase in nearly seven years, according to the August Zillow Real Estate Market Report. Home value growth accelerated last month in 48 of the 50 largest markets and was relatively […]
WASHINGTON — The Internal Revenue Service today urged individuals who owe taxes but have not yet filed for 2019 to act now to avoid larger penalties that, by law, start after Sept. 14. The tax deadline was July 15 this year. Taxpayers who submitted an extension have until Oct. 15 to file and do not […]
WASHINGTON — On August 28, the IRS announced that it would temporarily allow the use of digital signatures on certain forms that cannot be filed electronically. Today, the agency added several more forms (PDF) PDF to that list. The IRS made this decision to help protect the health of taxpayers and tax professionals during the COVID-19 pandemic. The change will […]
WASHINGTON – The Internal Revenue Service today reminds taxpayers who filed an extension that the October 15 due date to file 2019 tax returns is approaching. Taxpayers should complete their tax returns and file on or before the October 15 deadline. Convenient electronic filing options, including IRS Free File, are still available. Taxpayers and tax professionals should […]
A slowdown in the economy means your clients may have some time on their hands to get their businesses better organized. One option you might suggest is for them to better protect their assets by setting up a series limited liability company or SLLC for short. Here is what to tell your clients about structuring their […]
WASHINGTON — The Internal Revenue Service issued final regulations (PDF) regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments made by the CARES Act. For tax years beginning after December 31, 2017, business interest expense deductions are generally limited to the sum of: the […]
WASHINGTON — Because of the burdens the COVID-19 pandemic has placed on taxpayers claiming the rehabilitation credit, the Internal Revenue Service today issued Notice 2020-58 (PDF) that provides additional relief to taxpayers in satisfying the substantial rehabilitation test. Projects must satisfy the “substantial rehabilitation test” within a 24- or 60-month period for determining whether the rehabilitation work […]
WASHINGTON — The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options. Can I get money from my retirement […]
A new shows that while 53 percent of U.S. workplaces plan to reopen by July 15, at least 45 percent have yet to set a return to work date. Sponsored by the SHRM (Society for Human Resource Management), the survey reveals not only when workers will return, but also the strategies and measures embraced by […]
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