Category Archives: newsletter

Batley CPA Tax & Business Alert January 2021

Posted on Jan 14, 2021 by

Now’s a good time for taxpayers to familiarize themselves with pertinent tax-related amounts that may or may not be changing in 2021 because of inflation. This article poses six key questions about such amounts, including those related to retirement planning and the itemized deduction.

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Batley CPA Tax & Business Alert December 2020

Posted on Dec 15, 2020 by

For many, December 31 means a New Year’s celebration. From a tax perspective, however, it should mean thinking about which filing status you will use for that year’s tax return. This article reviews the five statuses. A sidebar looks at whether a married person can file as a “head of household.”

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Batley CPA Tax & Business Alert November 2020

Posted on Nov 12, 2020 by

Achieving a Better Life Experience (ABLE) accounts are tax-free accounts that can be used for expenses of disabled individuals. They can be created by a disabled person or his or her family members or guardians. This article explains eligibility factors and other pertinent details. A sidebar notes an ABLE account’s impact on Supplemental Security Income.

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Simplified PPP Loan Forgiveness

Posted on Oct 13, 2020 by

The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.

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Batley CPA Tax & Business Alert September 2020

Posted on Sep 15, 2020 by

Although the Tax Cuts and Jobs Act took much of the “teeth” out of the AMT by raising the inflation-adjusted exemption, high-income earners (and even some middle-income earners) should still watch out for its bite. This article discusses the basic rules and the role of itemized deductions. A sidebar warns investors that capital gains can trigger the AMT.

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Batley CPA Tax & Business Alert August 2020

Posted on Aug 13, 2020 by

Because of the economic downturn triggered by the COVID-19 crisis, many people have found themselves in need of cash to pay unexpected medical bills, mortgage payments and other expenses. One option is to borrow against the cash value of a permanent life insurance policy. This article explores the risks and benefits of such a strategy, while a sidebar looks at a myth that represents a life insurance loan as a tool that “pays for itself.”

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Batley CPA Tax & Business Alert June 2020

Posted on Jun 16, 2020 by

Earlier this year, in response to the novel coronavirus (COVID-19) crisis, the IRS deferred the filing and payment deadlines for federal tax returns. This article recaps the relief and discusses what taxpayers should know about filing an extension and contributing to certain savings accounts. A sidebar warns that no relief has been issued for 2019 estimated tax penalties.

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Batley CPA Tax & Business Alert May 2020

Posted on May 19, 2020 by

Anyone selling a business interest, real estate or other highly appreciated property could get hit with a substantial capital gains tax bill. One way to soften the blow — though it ties up the funds long term — is to “roll over” the gain into a qualified opportunity fund (QOF). This article explains how QOFs work and their potential benefits. A sidebar looks at recent IRS guidance on QOFs.

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