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2021 Changes To Child Tax Credit

Recently, there were changes made to the child tax credit that will benefit many taxpayers. As part of the American Rescue Plan Act that was enacted in March 2021, the child tax credit:• Amount has increased for certain taxpayers• Is fully refundable (meaning you can receive it even if you don’t owe the IRS)• May…

2020 Year-End Tax Planning for Businesses

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…

A Message to Our Clients in These Trying Times

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…

Federal Government Spending Bill

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…

Due Dates for Filing 2019 Forms W-2, W-3 and Certain Forms 1099-MISC

  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 Tax Planning

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…

Sample Capitalization Policy

Click here to view a sample capitalization policy. A similar policy should be prepared for your business entity and retained in your permanent files.