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Category: Tax Updates

IRS 2020 Inflation Adjustments for Pension Plans, Retirement Accounts by Mike Grinnan CPA

Posted on December 20, 2019March 16, 2022 By Mike Butler

The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions.

Highlights of 2020 Changes

IRA Contribution Limits:

  • The annual limit on contributions to an IRA remains unchanged at $6,000.
  • For individuals age 50 and over, the IRA "catch-up" contribution limit remains $1,000 (this limit is not subject to an annual COLA adjustment).

The contribution limit for employees who take part in 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan, has increased to 

  • $19,500
  • Employees age 50 and over who participate in these plans can make a "catch-up" contribution for 2020 of up to $6,500.
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INVESTOR BOOKS, Tax Updates

Update IRS Tax Proposal on 100% Depreciation from Mike Grinnan CPA

Posted on September 16, 2018March 16, 2022 By Mike Butler

Proposed Rules Address 100-Percent Depreciation Deduction

Proposed regulations address the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service.

Background

The Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) amended Code Sec. 168(k) to increase the percentage of the additional first year depreciation deduction from 50 percent to 100 percent for property acquired after September 27, 2017. It also expanded the property eligible for the additional first year depreciation to include certain used depreciable property and certain film, television, or live theatrical productions.

Generally, the 100-percent depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Such assets include in part machinery, equipment, computers, appliances, and furniture.

The proposed regulations provide guidance on what property qualifies for the deduction, and rules for qualified film, television, live theatrical productions and certain plants.

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Major Tax Changes Expected Under Trump Administration

Posted on December 15, 2016March 16, 2022 By Mike Butler

One month after the presidential election, taxpayers are learning more about President-elect Donald Trump’s tax proposals for his administration. Although exact details, including legislative language, are likely months away, taxpayers have a snapshot of the president-elect’s tax proposals for individuals and businesses.

Note. At the time this article was prepared, the primary descriptions of President-elect Trump’s tax proposals are on his campaign and transition websites. The materials on these websites are not the same as legislation, which would amend the Tax Code. Rather, they discuss the President-elect’s tax proposals in very general and broad language.

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INVESTOR BOOKS, Tax Updates

Can the IRS impose penalties if a return is not filed/tax not paid?

Posted on February 16, 2016March 16, 2022 By Mike Butler

Yes, the IRS can impose penalties if a tax return is not timely filed or if a tax liability is not timely paid. As with all IRS penalties, the rules are complex. However, a taxpayer may avoid a penalty if he or she shows reasonable cause.

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INVESTOR BOOKS, Tax Updates

Real Estate Investor Tax Update from my CPA, J. Michael Grinnnan

Posted on January 15, 2016March 16, 2022 By Mike Butler

Federal PATH ACT
Provides Planning Opportunities with Permanent Extensions of Many Tax Incentives

After years of routine temporary extensions, Congress has made permanent a number of previously temporary tax breaks for individuals and businesses as well as extending others. The Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law by President Obama in December, opens the door to new planning opportunities.

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Last-minute Tax Planning Strategies to Consider as the 2015 tax year closes

Posted on December 15, 2015March 16, 2022 By Mike Butler

In between preparing for the year-end holidays, school vacations, travel, work, and so on, tax planning should not be on the back burner. Although 2015 is quickly coming to a close, there is still time, with careful planning, to execute some last minute tax strategies. In many cases, these strategies can help minimize the tax burden. Of course, every individual’s situation is different, so please contact our office for specific details about a year-end tax planning strategy customized to you.

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Can an S Corporation Own An Interest in Another Business Entity?

Posted on August 15, 2015March 16, 2022 By Mike Butler

An S corporation may own an interest in another business entity.

An S corporation can be a member of an affiliated group by owning 80 percent or more of the stock of a C corporation. The group then can elect to file on a consolidated basis, if other affiliated group rules are met. But the S corporation itself cannot join the consolidated group.

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IRA Rollover Tax Update from J. Michael Grinnan CPA

Posted on December 16, 2014March 16, 2022 By Mike Butler

How Do I? Follow the new-for-2015 one-IRA rollover-per-year limit?

As most people know, a taxpayer can take a distribution from an IRA without being taxed if the taxpayer rolls over (contributes) the amount received into an IRA within 60 days. This tax-free treatment does not apply if the individual rolled over another distribution from an IRA within the one-year period ending on the day of the second distribution.

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Tax Updates for Real Estate Investors from Mike Grinnan CPA

Posted on December 15, 2014March 16, 2022 By Mike Butler

POST Election Congress Grapples with Extenders as Lawmakers Plan for 2015

The results of the mid-term elections create a new dynamic in Congress with Republicans poised to take control of both the House and Senate in January. Prospects for tax reform may have brightened for 2015. In the meantime, the lame-duck Congress must deal with some urgent tax bills, most notably the tax extenders.

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Accelerating or Deferring Income / Deductions as Part of a Year End Strategy

Posted on November 15, 2013March 16, 2022 By Mike Butler

The arrival of year end presents special opportunities for most taxpayers to take steps in lowering their tax liability. The tax law imposes tax liability based upon a "tax year." For most individuals and small business, their tax year is the same as the calendar year. As 2013 year end gets closer, most taxpayers have a more accurate picture of what their tax liability will be in 2013 than at any other time during the current year. However, if you don't like what you see, you have until year end to make improvements before your tax liability for 2013 is permanently set in stone.

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