Louis T. Roth & Co.

07/23/2021

In case you get excited about Draft Tax Forms like we do, here's a link to the IRS' drafts that includes the recently released *DRAFT* Form 1040 and Schedules 1, 2, and 3. These supplemental Schedules cover adjustments to income, additional taxes, and tax credits. Let us know if you have any questions and we'll be happy to discuss your personal situation with you!

https://apps.irs.gov/app/picklist/list/draftTaxForms.html;jsessionid=vOr9M1RVXoAypzUulGYYKXhK.21?sortColumn=currentYearRevDate&indexOfFirstRow=0&value=&criteria=&resultsPerPage=25&isDescending=true

07/06/2021

How would this help you or your business? Quarterly estimates are currently due at sporadic intervals. A proposal currently under consideration would change that to make payments due evenly throughout the year. We'll keep you posted if this gets passed!

accountingtoday.com/news/lawmakers-introduce-bill-to-simplify-tax-payment-deadlines?position=editorial_1&campaignname=V2_ACT_Daily_20210503-07062021&utm_source=newsletter&utm_medium=email&utm_campaign=V2_ACT_Daily_20210503%2B%27-%27%2B07062021&bt_ee=VndnQFmPm%2Bm2sCt1%2BBlaDmn86i7sDQg%2B%2BEoFhgh2vp9IdZ4fsq5GqGbcgMbDpI3V&bt_ts=1625565712665

06/28/2021

Have you bought/sold any cryptocurrency in 2020 or 2021? Or do you plan to going forward? The IRS has made it clear that they are looking out for this, including ramping up their digital efforts to track down non-compliance. Keep this in mind and remember to discuss these transactions with us to ensure all bases are covered!

The Internal Revenue Service is focusing on cryptocurrency tax evasion with virtual currencies like Bitcoin and nonfungible tokens, employing data analytics to uncover transactions that crypto users assumed were hidden.

06/22/2021

The IRS has just released the new portal to verify child information or to opt out of the expanded Child Tax Credit. As always, we're happy to discuss the best tax strategy with you.

View your eligibility and unenroll from advance payments of the Child Tax Credit.

06/22/2021

The expanded Child Tax Credit rolls out next month. Have you considered how it might impact your tax position next April 15? We can help you make the best decision for your personal tax situation!

Clients could end up having to pay back the money next filing season.

12/02/2020

The end of the year is just around the corner, and that means tax time is fast approaching! Check out the following pages we set up to assist with year-end tax planning then reach out to one of our trusted advisors to discuss your personal tax planning strategy. We'd love to help!

For individuals: https://www.ltroth.com/Individuals.php
For businesses and business owners: https://www.ltroth.com/Businesses&BusinessOwners.php

06/24/2020

Did you receive an IRS letter with a past-due date or a balance due that you weren't expecting? Take a look at our recent Eblast for some clarification on this!

06/18/2020

Curious about the changes to the PPP loan forgiveness application? Heard something about an EZ version? Check out both here!

This analysis of the changes in the original PPP Loan Forgiveness Application and the new streamlined EZ version also explains how to fill out the forms.

06/18/2020

Check out some of the most recent guidance on PPP loan forgiveness. If you received a PPP loan prior to June 5, you can take up to 24 weeks to ensure maximum loan forgiveness! Let us know if you have any questions - we're always happy to help!

The new 24-week limit and other changes to PPP Loans means changes in calculating payroll costs, and thus the amount of loan forgiveness.

06/12/2020

Our recent eblast shares some clarifying remarks on the PPP Flexibility Act that was recently signed into law. Check them out here, and feel free let us know if you have any other questions!

06/04/2020

Additional flexibility has been approved by Congress for the PPP! The president is expected to sign this soon. Take a look at the changes that are expected to become law soon.

The Paycheck Protection Flexibility Act's significant revisions to the Paycheck Protection Program offer more time and flexibility in using PPP loan funds.

05/26/2020

Check out our latest Eblast for additional guidance related to the PPP Loan Forgiveness Application, which expenses are deductible, and how to calculate them!