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UPDATES&INSIGHTS: TAX – June 2020

UPDATES&INSIGHTS:TAX is a HoganTaylor Tax practice publication designed to help you keep up with the latest tax issues impacting your organization.

In This Issue:

Should You Digitize Your Tax and Financial Records?

Traditionally, important tax and financial records have been stored as hard copies in desk drawers, filing cabinets and safe deposit boxes. Nowadays, it’s become increasingly popular and easy to digitize documents and store them electronically. This article explores the advantages and risks of this approach. Read More

Keeping Up With the Net Operating Loss Rules

When a trade or business’s deductible expenses exceed its income, a net operating loss (NOL) generally occurs. The rules applying to NOLs have changed and changed again. This article reviews how they’ve been revised, including most recently under the CARES Act. Read More

The Marriage Penalty Still Exists Under the TCJA

One byproduct of the Internal Revenue Code is that the tax liability of married couples who file jointly may be more than their combined tax liabilities would be as single filers. When it is more, many refer to the resulting tax hike as “the marriage penalty.” This brief article discusses the persistence of the marriage penalty under the Tax Cuts and Jobs Act. Read More

Don’t Forget About Your 2019 Tax Return and Tax Payments

Earlier this year, in response to the novel coronavirus (COVID-19) crisis, the IRS deferred the filing and payment deadlines for federal tax returns. Most states have followed the IRS in delaying payments. This article recaps the relief and discusses what taxpayers should know about filing an extension and contributing to certain savings accounts. A sidebar warns no relief has been issued for 2019 estimated tax penalties. Read More