The IRS recently announced automatic relief for taxpayers who qualified for the retroactive expansion to the exception for the penalty for underpayment of estimated taxes for the 2018 tax year. Taxpayers who filed their 2018 returns before the IRS expanded the exception to the penalty and who otherwise would have qualified for the exception will automatically receive a refund of the penalty th...
Update for Qualified Improvement Property As discussed in our March 21, 2019 post, qualified improvement property was affected by a technical glitch in the Tax Cut and Jobs Act, which was enacted on December 22, 2017. As a result of this technical glitch, such property is ineligible for bonus depreciation or the 15-year recovery period. As of now, Congress has not acted to correct this technic...
Individual clients that are on extension for the 2018 personal income tax returns have until the extended due date, October 15, 2019, to roll over amounts related to outstanding loans from a retirement plan that were treated as deemed distributions if they left their employment during 2018. As discussed in our post on March 28, 2019, the Tax Cuts and Jobs Act changed the rules for deemed distr...
With data breaches constantly in the news, it is essential for practitioners to make sure that they secure the networks and data for their firms. Make sure that your IT provider or personnel are constantly monitoring your system, updating your firewalls, operating systems, antivirus software and other protective systems. Also make sure to regularly test your backup system, to make sure that ...
