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COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines

As a COVID-19 relief measure, the IRS has postponed many of the usual federal tax filing and payment deadlines, along with the deadlines for taking certain other tax-related actions. Generally, deadlines for federal income tax return filing and payments that would otherwise fall on or after April 1 and before July 15 have been postponed to July 15. The postponement applies to certain other deadlines as well. This relief, while welcome, has created confusion. Here’s what individuals and business owners should know to manage their tax calendars through July 15.

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Demystifying Casualty Loss Deductions

The days when you could claim deductions for run-of-the-mill casualty and theft losses of personal property are gone — at least temporarily. The Tax Cuts and Jobs Act (TCJA) generally suspends write-offs for such expenses for 2018 through 2025.

However, you can still claim deductions for personal property losses caused by certain federally declared disasters, such as the COVID-19 pandemic. In addition, the Taxpayer Certainty and Disaster Tax Relief Act enhanced deductions available to eligible individuals — but only for a limited time. Here are the details.

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Tax Tips for Individuals Who Haven’t Filed a Return for 2019

As part of the federal government’s tax relief measures during the COVID-19 pandemic, the IRS extended key deadlines for the 2019 tax year and for making 2020 estimated tax payments until July 15, 2020. If your 2019 personal return is still awaiting completion, you may have significant retroactive tax-planning flexibility.

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Take Control of Your Firm’s Debt

Creating a formal debt management plan, rather than borrowing haphazardly, can save your firm thousands or even tens of thousands of dollars in interest.

Following certain best practices and using a structured approach to your company’s debt plan is part of an effective construction finance, accounting and tax strategy. First, create a table that lists all current debt, including working capital lines of credit, loans of any kind, any interest bearing notes or other financial obligations. Don’t include Accounts Payable.

Here is an example

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Family Business Tax-Saving Moves in the COVID-19 Era

Many family businesses have been adversely affected by the novel coronavirus (COVID-19) pandemic. But there’s a silver lining: Proactive tax planning can help your family business take advantage of potential opportunities in the COVID-19 era. Here are some tax-smart ideas to consider.  

Hire Your Kids

This tax-saving strategy is most beneficial when your family business operates as:

  • A sole proprietorship,
  • A single-member limited liability company (LLC) that’s treated as a sole proprietorship for tax purposes,
  • A partnership that’s owned by a married couple, or
  • An LLC that’s treated as a married couple’s partnership for tax purposes.
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Global Fraud Epidemic: How to Keep Your Organization Safe

Could your organization be the next victim of fraud in an increasingly tense global marketplace? No one wants to believe that their trusted employees would steal assets or manipulate financial information for criminal purposes. But fraud is more common — and costly — than you might think, especially for smaller organizations.

A new study sheds light on some eye-opening statistics about fraud in the workplace, along with ways to prevent and detect occupational fraud scams.

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College Costs: How to Maximize Your Return on Investment

College is a major investment. But, if campuses remain shuttered in the fall due to the novel coronavirus (COVID-19) pandemic, will your student get his or her money’s worth from virtual classes? Though universities may provide rebates for unused room and board costs, they’re unlikely to offer discounts on tuition costs if classes remain online.

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Is it Time to Reopen your Business? 10 Questions to Ask Yourself

Businesses across America that have been shut down due to the novel coronavirus (COVID-19) pandemic may now (or soon) have the option to reopen. Since no two businesses are alike — even those in the same industry and location — what makes sense for one company could be a disaster for another. But many questions that business owners are asking could be applicable to all organizations. Here are 10 questions to keep in mind as you decide whether and how to open up.

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Joseph Heneghan No Comments

Can Your Business Survive and Even Thrive in These Trying Times?

The novel coronavirus (COVID-19) pandemic has caused difficulties for millions of businesses — from family-owned restaurants and niche manufacturers to multinational airlines and oil companies. As the economy slowly reopens across the country, old ways of doing things clearly won’t work for most business operations.

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