New laws and the rapidly changing environment brought on by the COVID-19 pandemic have presented new tax challenges this year. As 2020 draws to a close, there is still time to reduce your 2020 tax bill and plan ahead for 2021. This letter highlights several potential tax-saving opportunities for you to consider. How Does Deferring […]
At MWH Group, our mission is to help our clients and team members succeed. Our vision is to be the leader in our field, attracting and retaining top, quality clients and team members. The personal assistance you receive from us comes from members of our team with years of advanced training, technical experience and financial […]
Tax season! The first weekend in April! This is a time of year that we at MWH Group love. While we are tired or exhausted, we also begin to see the light at the end of the deadline tunnel. This is also the time we get to see a vast majority of our wonderful clients […]
The federal government spending bill, signed by President Trump on December 20, 2019, contained many tax provisions including some changes to retirement plan rules. Possibly one of the biggest changes was an increase to the required minimum distribution (RMD) age (increased from age 70 1/2 to age 72). The article below is a great summary […]
In an effort to reduce identity theft and improve tax compliance, there have been recent modifications to the due dates for forms in the W-2 series (except W-2G), and information returns (Form 1099-MISC) required to report nonemployee compensation. In addition, the IRS no longer allows an automatic 30 day extension to file forms in […]
Year-end planning for 2019 takes place against the backdrop of recent major changes in the rules for individuals and businesses. Despite these major changes, the time-tested approach of deferring income and accelerating deductions to minimize taxes still works for many taxpayers, along with the tactic of “bunching” expenses into this year or the next to […]
Click here to view a sample capitalization policy. A similar policy should be prepared for your business entity and retained in your permanent files.