by DunlapSLK | May 13, 2020 | COVID-19 Tax Update, Resources For Employers, Resources For Individual Taxpayers
In response to the COVID-19 crisis, on Tuesday, May 12 the IRS announced relief for Section 125 cafeteria plans during calendar year 2020, providing increased flexibility for: employer-sponsored health coverage health Flexible Spending Arrangements (health FSAs)...
by DunlapSLK | May 8, 2020 | COVID-19 Tax Update, Resources For Individual Taxpayers
While an economic downturn is never good news for investors, it presents a potentially valuable opportunity for individuals considering converting their traditional IRA (and funds that have been rolled over from a qualified plan) to a Roth IRA. It is important to...
by DunlapSLK | Apr 16, 2020 | COVID-19 Tax Update, Resources For Individual Taxpayers
The IRS launched a new tool on their website to help non-filers register for Economic Impact Payments. According to the IRS individuals who should be using this tool are eligible U.S. citizens or permanent residents who: Had gross income that did not exceed $12,200...
by DunlapSLK | Apr 2, 2020 | COVID-19 Tax Update, Resources For Employers
Net Operating Losses – 2303 The taxable income limitation on the deduction for NOLs is repealed for tax years beginning before 1/1/2021. In addition, losses arising in years 2018, 2019 and 2020 are now able to be carried back 5 years to offset prior year’s profits....
by DunlapSLK | Mar 30, 2020 | COVID-19 Tax Update, Tax Filing Deadlines
Many tax authorities have followed the federal government’s lead in extending fast approaching income tax deadlines due to the ongoing coronavirus crisis. We have compiled a list for your reference and will be updating it as new information is released. In the...
by DunlapSLK | Mar 23, 2020 | COVID-19 Tax Update, Firm Operations, Tax, Tax Filing Deadlines
To Our Colleagues, Clients & Friends: Every day is bringing new challenges as we navigate these uncharted waters with COVID-19. Here at DunlapSLK we continue to monitor the situation as it evolves and have followed the recommendations of the Centers for Disease...
