The team at Dodson Parker Behm & Capparella, PC shares updates and thoughts on developments in the law.

What You Need to Know about Your Retirement Accounts as a Result of the Pandemic

Federal legislation was recently enacted which affects your retirement accounts–such as IRAs, 401ks, 403(a)s, 403(b)s, and governmental 457(b) plans. This post is a summary of important changes. I. Changes for All Individuals All Required Minimum Distributions (RMDs) are waived for the calendar year 2020. If you have already received a RMD for 2020, you may either roll it over into a...

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April 15 is NOT Tax Day. Here are 5 Things You Need to Know about Taxes This Year

Today we’re talking about important changes to state and federal tax deadlines, relaxed rules on hardship withdrawals from 401(k)s, and a deduction that can help employers and at-home workers. Here are five things to know about tax matters in 2020:  1.  IRS Extension for Filing and Paying TaxesThe April 15 deadline for the filing of federal income tax returns and payment of the taxes has...

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Addressing COVID-19: What Employers Need to Know

The COVID-19 pandemic has placed employers in the difficult position of trying to navigate financial losses while addressing employee matters and health concerns.  This fact sheet is intended to provide some critical information that employers need to know during this uncertain time, including highlights of the federal legislation enacted in recent weeks in response to the COVID-19 pandemic....

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IRS Offers Disaster Relief For Tennessee Tornado Victims

The IRS is extending deadlines and offering relief for those who live in areas affected by the tornadoes. This relief will automatically be applied to anyone with an address on record with the IRS in any area designated by FEMA as qualifying for individual assistance, which, as of now, includes Davidson, Putnam, and Wilson counties. Taxpayers who do not have an address on record from the...

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As Tax Day Approaches, a Reminder about Withholdings

The 2017 federal tax reform legislation is just now beginning to show its impact for many filers. As April 15 approaches, many individual taxpayers may begin to see different totals than they have been used to on their tax returns. The change in the standard deduction has gotten lots of attention, but the new limits on deductibility are also having an effect on the bottom line. Last year, the...

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Have you had your “Paycheck Checkup”?

The most recent tax reform laws could have a significant impact on filers who have itemized their deductions in the past.  (Many people have historically itemized their deductions to take advantage of mortgage interest deductions and deductions for donations to charity.) People who’ve itemized deductions on past tax returns should consider doing a “paycheck checkup.”  You can use the updated IRS...

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Guidance Issued for Private Foundations with Foreign Grantees

New guidance for private foundations from the IRS addresses treatment of foreign grantees.  The groups may wish to treat grants to foreign grantees as qualifying distributions that satisfy the minimum distribution requirements rather than as expenditures requiring expenditure responsibility. If a private foundation makes a “good faith determination” that a foreign grantee qualifies as a...

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