Following the 2020 election, President-elect Joe Biden has plans to change the Federal tax law. However, any tax law changes are dependent on Congress approval. The Democrats have secured the majority in the House of Representatives, but Senate majority is still undecided and will not be declared until Georgia’s two run-off races conclude in January.…

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With year-end approaching, it is a great opportunity to evaluate strategies that might help reduce your 2020 tax bill. Year-end tax planning for 2020 requires a fresh approach in consideration of the impact of the COVID-19 pandemic on your personal and business finances. New tax rules that affect year-end tax planning have been enacted to help…

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IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely…

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The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Retroactive COVID-19 business relief The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier…

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With the end of the year approaching, you should consider strategies that might help reduce your 2019 tax bill. Last year was the first year impacted by the Tax Cuts and Job Act of 2017(TCJA).  Even though there were no significant legislation changes in 2019 affecting individual taxes, situations vary from year to year, requiring a…

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Virginia Governor Ralph Northam signed legislation today to conform Virginia’s tax laws to the Federal Tax Cuts and Job Act. The Virginia Department of Taxation can now begin processing 2018 individual income tax returns. Additional information can be found at www.tax.virginia.gov. Contact us today if you have questions about this or other tax legislation.   

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On December 22, 2017, President Trump signed sweeping federal tax reform into law, which significantly changed the U.S. tax system for both individuals and businesses. The changes under the new tax law are extensive and complex. They may also provide opportunities for additional tax savings. In order to maximize these savings, we will need to…

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GEORGE D. FORSYTHE, CPA Managing Partner

Notable Mentions Congratulations to our managing partner, George Forsythe, who was quoted in the AICPA article When Friends Want Free Accounting Help.  This article notes the value of providing free advice or services to certain situations and warns of what needs to be considered before agreeing to help, as well as, discusses how to be…

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