IRS Postpones Payments

March 19, 2020

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak 5K1.3KMarch 18, 2020 Washington – Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million […]

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Read a Book

March 18, 2020

Coronavirus has shut down the entire world. You have extra time now. Read a book – or listen to it. I haven’t listened to this one so I can’t personally recommend it. It was recommended by CPA Practice Advisor in today’s email. The reviews were mostly good. Low ratings were for repetitiveness caused by giving […]

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Mnuchin Said . . .

March 17, 2020

There is nothing concrete on either the Treasury’s website or the IRS website and I tend not to believe things until I see them in writing in an official and irrefutable way. My skepticism aside, supposedly tax payments with an April 15 due date will be given a 90-day interest and penalty-free deferment. The limits […]

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Taxes Caught the Coronavirus

March 17, 2020

You’d have to be living under a rock in Antarctica to not know that we have this pandemic thing messing up our lives and wrecking the economy. Taxes haven’t escaped the effect. My software company just put out a notice that they are going to continue to function but that many of their employees have […]

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Proof of Expenses

March 12, 2020

If it doesn’t have the vendor’s name, date, a description of what was purchased, and the amount, IT ISN’T A RECEIPT.

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See-Sawing Stock Market

March 6, 2020

Back in 2008, the Stock Market crashed – and it went down hard. Since nearly all of my clients are friends, after a decade or more of working together and spend hours discussing current affairs, possibilities, and probabilities, I get a broad spectrum of ways of thinking about problems and the actions they precipitate. I […]

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Don’t Cash Out Those Pension Plans!

March 6, 2020

Every year as I complete returns I’m confronted with the horrific tax ramifications of cashing out pension plans when you’re under 59 1/2. It’s expensive at any age but when you’re under that age, you pay an extra 10%! Start with that 10% penalty – then add on your tax bracket – let’s round it […]

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First Returns Show Sad Results

February 17, 2020

The new withholding tables designed to make taxpayers feel as though they got a chunk of the Gift to Billionaires Tax Act is claiming victims for a second year. Every return sent out so far this year is showing either lower refunds or bills due compared to last year and 2017’s returns. Withholdings have been […]

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2019 CT Tax Changes

January 25, 2020

https://portal.ct.gov/DRS/Legislative-Summaries/2019-Legislative-Updates/Legislative-Updates The key changes are the Plastic Bag fee of 10¢ per single-use plastic bag that took effect in August, 2019. You can go back to paper bags or sell thicker reusable bags to customers. I don’t recommend giving them away but that’s up to you. You could build giving them away into some kind […]

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Naming Files and Folders

January 12, 2020

There’s a little trick I think everyone knows but then I come across someone who doesn’t so here it is: The way standard technology works is that numbers come first, starting with 0, then 1 through 9. After that comes capital letters A-Z and finally small letters a-z. So, if you want something to show […]

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