In our prior newsletter, I discussed the SBA Paycheck Protection Program which is designed to provide forgivable loans to assist businesses during these challenging times. Today the Treasury [...]
The past week has brought more changes to our tax law and business environment and my goal is to continue to summarize changes in this rapidly changing environment. We all face tremendous [...]
On Wednesday March 18, the IRS issued much anticipated relief in response to President Trump’s emergency declaration regarding the coronavirus pandemic. For all individual and non-corporate [...]
With today’s growing complexity of tax rules, two long-standing issues receiving more IRS and FTB scrutiny and triggering audits are the decision of whether individuals are independent [...]
Patient investors generally have prospered over the long term. Nevertheless, there are many reasons for selling stocks. Knowing the basics can help improve your tax position. Selling shares held [...]
Under the new, as well as prior, tax law, taxpayers can either take a standard deduction or itemize deductions on Schedule A of IRS Form 1040. Typically, tax preparation involves comparing the [...]
The good news is that the TCJA of 2017 lowered corporate tax rates from a graduated schedule that reached 35% to a 21% flat rate. The bad news? Many business expenses are no longer tax [...]
A beneficial new provision of The Tax Cuts and Jobs Act (TCJA) is a new tax code section creating certain tax advantages through investments in vehicles designated as “Opportunity Funds.” An [...]
As many people are all too aware, some states and localities impose higher income and property taxes than others. Residents of high tax areas may have taken some solace by itemizing deductions on [...]
As a follow up to our newsletter distributed last week, we wanted to provide more information based on further research and analysis since enactment of these tax law changes on December 22. [...]
With today’s growing complexity of tax rules, two long-standing issues receiving more IRS scrutiny and triggering audits are the decision of whether individuals are independent contractors or [...]
Some people do all of their investing in an employer-sponsored retirement plan where earnings are untaxed until withdrawn, and perhaps in an IRA as well. Withdrawals are generally taxed at [...]
Simantob & Associates, Inc. serves a diverse client base of entrepreneurs, closely held businesses and individuals. Our service areas include preparation of individual, business, estate, and trust tax returns, income tax planning, tax compliance, accounting and bookkeeping oversight.
