Tax News
TAX NEWS & IMPORTANT DEVELOPMENTS THAT MAY IMPACT YOUR BUSINESS FINANCES
Staying abreast of tax law changes throughout the year ensuring compliance, we have updated information that may impact your finances.
To assist you in closing out 2022 and starting the New Year, we have included a list of a few reminders for your consideration, along with some other important information. This is a general list. Please disregard any area that does not apply to you. Also, should you have any questions or need any assistance, one of our Certified QuickBooks ProAdvisors would be happy to help you.
To assist you in closing out 2021 and starting the New Year, we have included a list of a few reminders for your consideration and some other important information. This is a general list. Please disregard any area that does not apply to you. Also, should you have any questions or need any assistance, one of our Certified QuickBooks ProAdvisors would be happy to help you.
The 2020 year has been a difficult year for most everyone. We hope you and your family have remained healthy throughout this unusual year. The year saw many tax law changes. The items listed below are not an all-inclusive list. We have selected several of the more pertinent changes for 2021 and noted some items that have changed for 2020. If you have additional questions, please be sure to contact us to discuss your situation.
To assist you in closing out 2020 and starting the New Year, we have included a list of a few reminders for your consideration and some other important information.
Following is a summary of some of the significant changes to the tax laws for the upcoming year. The Tax Cuts and Jobs Act of 2017 (TCJA) was signed into law on December 22, 2017. Most of the changes introduced by the act went into effect on January 1, 2018, and taxpayers saw the effects of the TCJA reflected in their 2018 tax filings. The Consolidated Appropriations Act, 2020 was signed into law on December 20, 2019 and takes effect January 1, 2020. This act incorporates the Setting Every Community Up for Retirement Enhancement Act of 2019, (SECURE Act) which makes major changes for 401(k) plans and IRAs. The bill includes significant provisions aimed at increasing access to tax-advantaged accounts and preventing older Americans from outliving their assets.