News

(EMERGENCY SBA-BACKED LOANS FOR SMALL BUSINESSES) Paycheck Protection Program The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business...

CARES Act Provides Relief to Individuals and BusinessesOn Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency relief package is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying...

Due Date for Federal Income Tax Returns and Payments Postponed to July 15 Due to the coronavirus pandemic, the due date for filing federal income tax returns and making tax payments has been postponed by the IRS from Wednesday, April 15, 2020, to Wednesday, July 15,...

Taxpayer AdvocateOn January 10th, the Taxpayer Advocate, made her annual report to Congress. The Taxpayer Advocate is an actual person. Her name is Nina E. Olson, and she's been the Taxpayer Advocate since March of 2001. She heads up the office of the Taxpayer Advocate,...

FILING DATESThe IRS will begin accepting tax returns on Jan. 29. Smith, Kunz will be accepting clients before then, but will wait to e-file returns on the 29th. The nation’s tax deadline will be April 17 this year – so taxpayers will have two additional...

We've received a high volume of tax preparation calls, and we've been reaching out to clients regarding actions to take in light of the recent passage of tax reform Below is a bullet-point list of strategies that could be a good fit for you. Of...

Trump's Tax ReformThe Tax Cuts and Jobs Act legislation was signed into law December 22, 2017 by President Trump. The Act makes extensive changes that affect both individuals and businesses. Some key provisions of the Act are discussed below. Most provisions are effective for 2018....

How Much Does Medicare Cost in 2018?The Centers for Medicare & Medicaid Services (CMS) has announced that the standard monthly Part B premium in 2018 will remain $134 (or higher, depending on your income). In 2017, most Medicare beneficiaries who received Social Security benefits paid...

IRA and Retirement Plan Limits for 2018IRA contribution limitsThe maximum amount you can contribute to a traditional IRA or a Roth IRA in 2018 is $5,500 (or 100% of your earned income, if less), unchanged from 2017. The maximum catch-up contribution for those age 50...