On July 9, 2020, the U.S. Supreme Court released a pair of opinions regarding the ongoing controversy of President Trump’s tax returns. In Trump et al v. Mazars USA LLP et al, __ U.S. __ (2020)(No. 19-715), the U.S. House of Representatives issued subpoenas to...
Federal Taxation
Do You Have To Pay Taxes On Tips?
by stevejedinak | Jun 26, 2020 | Federal Taxation
Tips received by employees in the scope of their duties is considered taxable wages and compensation under the Internal Revenue Code. It does not matter if the tips are in cash, made by credit card or not reported to the employer. The Internal Revenue Service...
What Happens If You Receive A Recovery Rebate (“Federal Stimulus”) Payment Under The CARES Act of 2020 For A Deceased Person?
by stevejedinak | Jun 5, 2020 | Federal Taxation, Wills, Trusts And Estates
On March 11, 2020, the World Health Organization declared that the COVID-19 outbreak was officially a pandemic as rates of infection rose significantly in the U.S. and across the world. On March 13, 2020, President Donald Trump declared a national emergency in...
What Tax Breaks Are Available For Families Of Armed Forces Members Killed In The Line Of Duty?
by stevejedinak | May 25, 2020 | Federal Taxation
Memorial Day is a public holiday to honor and celebrate the sacrifices that men and women in the U.S. Armed Forces made in defense of our country. However, while these heroes paid the ultimate price and can be laid to rest, their families and survivors may...
What Is A Crummey Trust?
by stevejedinak | May 18, 2020 | Federal Taxation, Wills, Trusts And Estates
Wealthy individuals who have built a considerable legacy often hope that they can transfer as much of that nest egg as possible to the next generation without losing much of that value in federal taxes. In 2020, the estate tax exemption is $11.58 million per...
Can I Withdraw Funds From My Individual Retirement Account (IRA) Early?
by stevejedinak | May 12, 2020 | COVID-19, Federal Taxation
Individual retirement accounts (IRAs) are a fantastic way to plan and save for the future. The money that is invested into it can grow on tax-deferred status until you retire. If you opted for a traditional IRA, the money that you contribute may be tax...
What Is The Statute Of Limitations For The IRS To Collect A Tax Debt?
by stevejedinak | May 8, 2020 | Federal Taxation
As Benjamin Franklin once said, the two certainties in life are death and taxes. If you owe money to the Internal Revenue Service, it certainly feels that this debt is a cloud that hangs over you forever until the federal government gets its money. You may...
Is Unemployment Compensation Subject To Income Taxation?
by stevejedinak | Apr 28, 2020 | COVID-19, Federal Taxation
The novel coronavirus crisis has had an unprecedented effect on the world economy. On March 11, 2020, the World Health Organization declared that the COVID-19 outbreak was officially a pandemic as rates of infection rose significantly is the U.S. and across...
The Recovery Rebates (“Stimulus Payments”) Under The CARES Act of 2020: Everything You Need To Know
by stevejedinak | Apr 23, 2020 | COVID-19, Federal Taxation
On March 11, 2020, the World Health Organization declared that the COVID-19 outbreak was officially a pandemic as rates of infection rose significantly is the U.S. and across the world. On March 13, 2020, President Donald Trump declared a national emergency in...
Tax Day Is Now July 15, 2020 For Income Tax Filings And Payments During COVID-19 Emergency
by stevejedinak | Apr 15, 2020 | COVID-19, Federal Taxation
On March 11, 2020, the World Health Organization declared that the COVID-19 outbreak was officially a pandemic as rates of infection rose significantly in the U.S. and across the world. On March 13, 2020, President Donald Trump declared a national emergency in...
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