February 2020
The New Form W-4 For Employees
Form W-4, Employee's Withholding Certificate, has been redesigned for 2020. Previously, income tax withholding was based on an employee's marital status and withholding allowances or tied to the value of the personal exemption. With the [...]
The Stretch IRA Is Dead
A popular estate planning strategy has died a quick death at the hands of Congress. Yes, the stretch IRA is dead. It has been replaced by a 10-year post-death payout rule, but how does [...]
January 2020
Should Your Business Deduct Unpaid Customer Invoices?
A common question that clients ask us is this: "May my business claim a deduction when a customer fails to pay us?" The answer is, "It depends." Every business must adopt a "method of [...]
QuickBooks: Desktop or Online Version?
QuickBooks is a great bookkeeping tool for small and mid-sized businesses. If you have made the decision to use it, an important initial question you face is whether to adopt the desktop version or [...]
IRS Finalizes Opportunity Zone Tax Rules
The IRS has recently issued final regulations regarding details about investment in qualified opportunity zones (QOZ). The regulations modified and finalized proposed regulations for QOZ businesses that IRS previously issued. The final regulations provide [...]
Tax Rules for Deducting Personal Casualty Losses
We have received several questions from South Carolina clients about whether they may claim a deduction for personal losses attributable to Hurricane Dorian in 2019. The short answer is no. For tax year 2019, [...]