Wink Inc. Enrolled Agents America’s Tax Experts
Wink Tax Services
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Congress Passes Last-Minute Tax Changes

Congress, at almost the last minute, December 20, 2019, has passed a large number of tax changes, including retirement plan issues that will become effective in 2020, as well as extensions through 2020, plus a number that are retroactive back to 2018 (many amended returns) of a number of tax provisions that had expired or were about to end. The list of changes is quite large, so we have only included those that are most likely to affect individual tax returns. Here is a run-down on some of the new tax provisions: Highlights: Discharge of Qualified Principal Residence Indebtedness Mortgage Insurance Premiums Above-the-Line Deduction for Qualified Tuition and Related Expenses Medical AGI Limits Residential Energy (Efficient) Property Credit Employer Credit for Paid Family and Medical Leave Maximum Age Limit for Traditional IRA Contributions Penalty-Free Pension Withdrawals in Case of Childbirth or Adoption Increase in Age for Required Minimum Pension Distributions Difficulty of Care Payments Qualifying for IRA Contributions Expansion of Sec. 529 Plan Uses Required Distributions Modified for Inherited IRAs and Retirement Plans Increase in Penalty for Failure to File Major Change to Kiddie Tax Rules

The IRS is Cracking Down On Cryptocurrency

Highlights: IRS Enforcement Campaign Virtual Currency Valuation Transactions Character of the Gain or Loss Foreign Currency Transactions Foreign Bank and Financial Account (FBAR) Reporting Payment for Goods and Services Acquiring Virtual Currency Virtual Currency Mining Employee Payments Independent Contractor Payments 1031 Exchanges

Rejoice – Business Meals Are Still Deductible

Highlights: Ban on Deducting Entertainment Expenses Business Meals Mixed Entertainment and Meals Substantiation Requirements Disallowed Employee Business Expenses

Where Do You Fall In The Tax Pecking Order?

Highlights: 2015 Overall Filing Statistics Statistics by Adjusted Gross Income Percentile Table Ever wonder where your income puts you in comparison with the rest of the U.S. taxpayers? Each year the Internal Revenue Service publishes a Statistics of Income Bulletin. The latest set of figures is for 2015 tax returns and provides some interesting statistics. Tax Reform Limits Exchanges to Defer Taxes Highlights: Deferring Tax with Like-Kind Exchanges Changes Made by Tax Reform Impact on Trade-ins Note: This is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might affect you and your family in 2018 and future years, and offering strategies you might employ to reduce your tax liability under the new tax laws. Have Business Income? If So, You Score Big With The New Tax Reform Highlights: Sec 199A Deduction Qualified Business Income Threshold Specified Service Businesses Limitations Wage Limit Aggregating Amounts Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, could affect you and your family, both in 2018 and future years. This series offers strategies that you can employ to reduce your tax liability under the new law.
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Wink Inc. | Enrolled Agents | 2701 Troy Center Dr, Ste 255 | Troy | Michigan | 48084 | Tel: 248-816-1220 | 800-276-8319
Wink Inc. Enrolled Agents America’s Tax Experts
Wink Tax Services
Blog

Congress Passes Last-Minute Tax Changes

Congress, at almost the last minute, December 20, 2019, has passed a large number of tax changes, including retirement plan issues that will become effective in 2020, as well as extensions through 2020, plus a number that are retroactive back to 2018 (many amended returns) of a number of tax provisions that had expired or were about to end. The list of changes is quite large, so we have only included those that are most likely to affect individual tax returns. Here is a run-down on some of the new tax provisions: Highlights: Discharge of Qualified Principal Residence Indebtedness Mortgage Insurance Premiums Above-the-Line Deduction for Qualified Tuition and Related Expenses Medical AGI Limits Residential Energy (Efficient) Property Credit Employer Credit for Paid Family and Medical Leave Maximum Age Limit for Traditional IRA Contributions Penalty-Free Pension Withdrawals in Case of Childbirth or Adoption Increase in Age for Required Minimum Pension Distributions Difficulty of Care Payments Qualifying for IRA Contributions Expansion of Sec. 529 Plan Uses Required Distributions Modified for Inherited IRAs and Retirement Plans Increase in Penalty for Failure to File Major Change to Kiddie Tax Rules

The IRS is Cracking Down On Cryptocurrency

Highlights: IRS Enforcement Campaign Virtual Currency Valuation Transactions Character of the Gain or Loss Foreign Currency Transactions Foreign Bank and Financial Account (FBAR) Reporting Payment for Goods and Services Acquiring Virtual Currency Virtual Currency Mining Employee Payments Independent Contractor Payments 1031 Exchanges

Rejoice – Business Meals Are Still Deductible

Highlights: Ban on Deducting Entertainment Expenses Business Meals Mixed Entertainment and Meals Substantiation Requirements Disallowed Employee Business Expenses

Where Do You Fall In The Tax Pecking Order?

Highlights: 2015 Overall Filing Statistics Statistics by Adjusted Gross Income Percentile Table Ever wonder where your income puts you in comparison with the rest of the U.S. taxpayers? Each year the Internal Revenue Service publishes a Statistics of Income Bulletin. The latest set of figures is for 2015 tax returns and provides some interesting statistics. Tax Reform Limits Exchanges to Defer Taxes Highlights: Deferring Tax with Like-Kind Exchanges Changes Made by Tax Reform Impact on Trade-ins Note: This is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might affect you and your family in 2018 and future years, and offering strategies you might employ to reduce your tax liability under the new tax laws. Have Business Income? If So, You Score Big With The New Tax Reform Highlights: Sec 199A Deduction Qualified Business Income Threshold Specified Service Businesses Limitations Wage Limit Aggregating Amounts Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, could affect you and your family, both in 2018 and future years. This series offers strategies that you can employ to reduce your tax liability under the new law.
· · · · ·
Rejoice – Business Meals Are Still Deductible Highlights: Ban on Deducting Entertainment Expenses Business Meals Mixed Entertainment and Meals Substantiation Requirements Disallowed Employee Business Expenses
· · · · ·
Win
Wink Inc. Enrolled Agents | 2701 Troy Center Dr, Ste 255 | Troy | Michigan | 48084 | Tel: 248-816-1220 | 800-276-8319