YOU'RE INVITED TO A
2020 VIRTUAL YEAR-END EVENT
NOVEMBER 24, 2020
3:00PM TO 5:00pm PST
PLEASE JOIN HAMILTON THARP AND HERITAGE FAMILY OFFICES FOR OUR YEAR END EVENT ON
Hamilton Tharp, LLP and Heritage Family Offices, LLP are hosting a two-hour virtual client event to discuss some of the most urgent matters concerning tax planning, tax legislation and policy, and economic and market conditions.
When?
November 24, 2020
3 p.m. - 5 p.m. (PST)
Where?
Due to COVID-19, this event will be held virtually on Facebook Live.
Join on your computer or mobile app by clicking the links:
|
|
|
|
TAX PLANNING CONSIDERATIONS:
ELECTION RESULTS, SUNSET PROVISIONS
|
|
According to news outlets, as of this writing, Joe Biden will be the president-elect of the U.S. following the Electoral College vote on December 14. Vote counting is still ongoing and election results have not yet been certified, but this news may have some taxpayers wondering what changes, if any, they should make in their tax planning to close out an eventful tax year. READ MORE HERE
|
|
FINAL RULES ON MEALS AND ENTERTAINMENT DEDUCTIONS RELEASED BY THE IRS |
|
The Tax Cuts & Jobs Act (TCJA) of 2017 made many significant changes for business tax deductions including the disallowing of the business deductions for most entertainment expenses. After a period of comments and proposed regulations, the IRS has released long-awaited final regulations for the treatment of meals and entertainment deductions, and businesses should apprise themselves of these changes.
|
|
TOP 10 TIPS FOR BUSINESSES TO PREPARE NOW
FOR A GREAT YEAR-END
|
With all of the curveballs 2020 has thrown at the nation, the economy, and businesses, there’s never been a better time to get an early jump on year-end planning for your business. While all the usual year-end tasks are still on the docket, you’ll want to consider implications related to the Paycheck Protection Program (PPP), any disaster loan assistance you received, and changes made by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. We’ve put together a checklist of what you need to do now to prepare for a great year-end that includes annual tasks as well as 2020-specific tasks. Keep reading for assistance getting your financials organized, reviewing your tax strategy, and preparing for next year. READ MORE HERE
|
|
INCOME RANGES FOR DETERMINING IRA ELIGIBILITY
CHANGE FOR 2021
|
The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the Saver's Credit all increased for 2021. Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or his or her spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor his or her spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.) Here are the phase-out ranges for 2021: READ MORE HERE
|
|
2020 TAX PLANNING CONSIDERATIONS FOR
BUSINESS AND INDIVIDUALS
|
|
This year has been unique and beyond comparison in many ways, and tax planning is just one of the implications of current events. Both individual and business taxes have the potential to be significantly impacted by the various legislation that has passed like the FFCRA and the CARES Act, the loan programs made available like the PPP and the EIDL, and the Unemployment stimulus programs that touched many Americans.
|
|
CONGRATULATIONS
DANIELLE BRUSH, CPA
|
A big congratulations to Danielle! She has passed the CPA exams and is our newest licensed CPA at Hamilton Tharp, LLP. Danielle has been with HT2 since January 2019. She graduated with a Master of Science in Accountancy from SDSU. Danielle says she is a passionate learner!
She minored in Spanish Literature and is also studying Japanese. Congratulations Danielle!
|
|
HAMILTON THARP, LLP
HAS A DEDICATED COVID-19 RESOURCES PAGE UPDATED DAILY!
|
|
|
|
|
|
|
