A Good Time for Making Tax-Smart Family Loans

July 6, 2020

During the COVID-19 crisis, you may want to loan money to a family member in need of financial assistance. However, before writing out a check, you should review the federal tax rules to ensure that you’re making a tax-smart loan. The good news is that now is generally an advantageous time to lend money to family members.   

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Expansion of Tax Avoidance Taskforce

June 23, 2020

The Tax Avoidance Taskforce has recently been expanded by the ATO to private groups and high wealth individuals. Originally conceived in 2016 to ensure that multinational enterprises, large public and private business pay the right amount of tax, this has now been extended to cover more taxpayers.

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

June 8, 2020

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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Know the Rules for Amending a Federal Income Tax Return

July 13, 2017

What should you do if you discover an error on a previously filed individual tax return? For example, you might have missed some tax-saving deductions and credits on your 2016 personal federal income tax return that you filed in February. Or you might have recently discovered that you failed to claim some legitimate tax breaks on your 2015 return that you filed last year. Here are the rules for filing an amended return.

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