Author: Barbara Dillon

Penalty and Interest Waiver

On March 17, 2020, Treasury Secretary Steven Mnuchin announced that, while the due date for filing 2019 tax returns would not be postponed, the IRS would waive penalties and interest on tax payments for 90 days. The waiver only applies to individual taxpayers owing up to $1 million in taxes and corporations owing up to $10 million in taxes.

Read More »

Identity Protection

IRS Offers Identity Protection PIN

Categories: IRS, Tax

The IRS is launching a new identity protection program that prevents anyone who has stolen your Social Security number from using it to file a fraudulent tax return. How does it work? Are you eligible for the program?

Read More »

2020 Inflation Adjustments

Categories: Tax

The IRS made inflation adjustments for various 2020 tax items and they will apply to a wide range of taxpayers. A few examples that may impact you are included in this article.

Read More »

The SECURE Act | Retirement Plan Changes

President Trump signed the SECURE Act of 2019 as part of the government’s spending bill and Congress is planning to enact a number of changes that will significantly affect the retirement landscape. The SECURE Act encourages employers to offer retirement plans that were considered too expensive to administer and allows small employers to set up and offer 401(k) plans.

Read More »

GILTI Regulations

New final and proposed regulations will affect U.S. shareholders eligible for global intangible low-taxed income (GILTI). These regulations will cause companies to reassess the relationship between their GILTI income and Part F income.

Read More »

Estate Planning for Those Under 40

Categories: Estate Planning

You are never too young to start planning for your estate. Also, you should not put off estate planning until you are ready to retire. The earlier you start, the better off your family will be if something unforeseen happens. Learn why you are never too young for estate planning.

Read More »

How to Avoid Probate

Categories: Probate

The death of a close family member is a traumatic experience. Legal and accounting necessities that come with it, especially probate, can make it worse. What are some basic techniques for avoiding probate? 

Read More »

Wallace Plese + Dreher Announces Partners

Categories: News

Wallace Plese + Dreher named Leslie Prichard, CPA and Allison Lynn Dozbaba, CPA as partners, bringing the total number of Firm partners to 15. In 2016, Leslie joined the Firm as an Audit Manager and Allison as a Tax Manager. In 2017, both were promoted to senior managers.

Read More »

Tax Planning and Good Financial Health

Categories: News

Good tax planning is a year-round activity requiring collaboration with your accountant to evaluate current circumstances and discuss any changes that may impact minimizing taxes. Circumstances change. Even if you used the standard deduction in the past, it may no longer be the right option for you.

Read More »