Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions can be stressful or ecstatic times, and the last thing most people will be thinking about are the tax ramifications.
Tax time is always a bit unnerving, but when you are hit with a large, unexpected tax bill, it can be shattering. There are few people who have the resources to simply pull out their checkbook and write a check for thousands of dollars, yet it can feel like that is your only choice.
On December 20, 2019, the "Taxpayer Certainty and Disaster Tax Relief Act of 2019" legislation was signed into law which includes a provision retroactively repealing Section 512(a)(7) of the "Tax Cuts and Jobs Act", also known as the "nonprofit parking tax".
Louis Plung & Company is pleased to announce the addition of Kevin Wilkes, J.D. to their professional team.
If your business engages the services of an individual (independent contractor), other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then you are required to issue that person a Form 1099-MISC to avoid penalties.
Congress, at almost the last minute, has passed a large number of tax changes, including retirement plan issues that will become effective in 2020, as well as extensions through 2020 of a number of tax provisions that had expired or were about to end.
When was the last time you or your attorney reviewed or updated your will or trust? If it was before the passage of the 2017 tax reform legislation, or the Tax Cuts and Jobs Act (TCJA), your documents may be out of date.
A Subchapter S corporation is a small corporation that has elected to be taxed as a pass-through entity whereby income and losses flow through the corporation to the owner's personal income tax return.
As the end of the year and the holiday season approach, we will all see an uptick in the number of charitable solicitations arriving in our mailboxes and by email.
The 2018 South Dakota v. Wayfair U.S. Supreme Court ruling is a landmark case that drastically changed out-of-state sales tax collection. Prior to the decision, a business could rely on the physical presence test when assessing sales tax collection requirements.