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We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. We want to update you on the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress's gigantic economic stimulus package that the President signed into law on March 27, 2020.
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Karyn Finkelson, CPA •

​In response to our country’s current state of emergency, the President has signed the “Families First Coronavirus Response Act” which includes some important provisions that will directly affect employers with fewer than 500 workers, particularly in regards to emergency sick leave. These provisions will take effect no later than April 2, 2020.
 
Emergency Sick Leave Act (EPSLA) key points:
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The IRS has created a website dedicated to the Coronavirus. The site focuses on steps to help those affected by the virus. So far the IRS web page includes relevant news releases, and guidance issued in Notice 2020-15. It also has options for tax help.​
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Lena Rozzi, CPA •

​The enactment of the Tax Cuts and Jobs Act (TCJA), passed in December 2017, effectively became one of the largest tax reforms in decades, however, there are changes that will leave some taxpayers owing more taxes then they anticipated this year. 

So you’ve prepared your return and you owe the IRS but you don’t have the money to pay. Now what? 
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Angela Campbell, CPA •

The housing market is at the top of its game these days and your friends are suggesting that you sell your home.  You know you will receive multiple offers and probably sell the house over what you are asking for it. Do your homework to ensure that a sale won’t cost you more in taxes than you are putting in your pocket.  Your tax advisor should be the first person that you call even before letting your real estate agent put a sign in your yard. Here are a few things you will need to know:

​Alyssa Hodges, CPA •

As you prepare your QuickBooks file for your accountant, make sure you don’t have any other changes that need to be made in 2019 before sending your accountant a copy of the file. If you use QuickBooks Online, be sure to communicate when you are done making changes to your accountant. 
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​As you wait for your tax return to be prepared, you want to make sure you don’t make any changes to the past year. A simple solution is to add a closing date and password in QuickBooks. 
 
To enable a closing date:

Pollyanna King, CPA, MST •

As you pour through your checkbook register and piles of receipts for tax reporting items, you may need to make a list of your 2019 charitable donations. For people who file using the itemized deduction method, and report your donations on Schedule A instead of using the standard deduction, you should have a list with the charity’s name, the date and the amount that was given followed by a grand total for your record of 2019 charitable donations.

Angela Campbell, CPA •

This world is becoming more and more digital every day. Technology is  changing at such alarming rates that it is difficult to keep up sometimes. Many of us have Facebook accounts, LinkedIn accounts, Apple Icloud and other online storage accounts.  Instead of cash, checks, and credit cards many people are using Venmo or Zelle to pay their bills. Virtual currencies like Bitcoin are being bought and sold for investment purposes as opposed to stocks and bonds. Purchases are made with virtual currencies and valuable website domains have ongoing subscriptions that may lapse if no one knows their value or even that they exist. Have you ever pondered what happens to the information stored in your online accounts or what will happen to your bitcoin investment if no one knows where to look for it when you become incapacitated or pass away? Are there accounts opened out there in the black hole of the internet that you may not want anyone to see or know about?  What will happen to that information when you are gone?
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