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UPDATES&INSIGHTS: TAX – May 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:

Benefit With a Twist: The Roth 401(k)

While 401(k) plans and Roth IRAs are well known, job candidates and employees may not be all that familiar with the Roth 401(k). This article discusses what business owners should know about this potentially valuable employee retirement benefit. Read More

A Large Unpaid Tax Bill Could Put Your Passport at Risk

Taxpayers with large, outstanding tax bills need to watch out. The U.S. State Department could deny a passport application, or revoke or limit a current passport, if the IRS certifies that an individual has a seriously delinquent tax debt. This brief article provides more information. Read More

Heed the Lessons of Your Tax Return and Check Your Withholding

Every year’s tax return provides valuable lessons on the optimal amount that taxpayers should have withheld from their paychecks. This article explains how the Tax Cuts and Jobs Act affects this issue and what circumstances may prompt one to make changes. Read More

Rolling Over Capital Gains Into a Qualified Opportunity Fund

Anyone selling a business interest, real estate or other highly appreciated property could get hit with a substantial capital gains tax bill. One way to soften the blow — though it ties up the funds long term — is to “roll over” the gain into a qualified opportunity fund (QOF). This article explains how QOFs work and their potential benefits. A sidebar looks at recent IRS guidance on QOFs. Read More