Back to top

Client Login

Subscribe to our Newsletter


BLOG

Click here to go back

The Coronavirus Aid, Relief, and Economic Security Act, 
“The CARES Act” provides tax relief to individuals and businesses

After days of furious negotiations, Congress has passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The $2.2 trillion price tag for tax relief and incentives for individuals and businesses makes it the most expensive piece of legislation ever passed. It includes the greatly anticipated provision for recovery rebate credits to individuals.  Here are some of the major aspects of The CARES Act. 

You may have many questions about how this will affect you and your taxes.
If you have any questions, please give us a call.

We are here to help.

Anderson, Spector and Co PC

 

Letter to Clients and Friends from Roy Anderson CPA

news
Posted by Admin Posted on Dec 29 2017

https://secure.emochila.com/swserve/siteAssets/site10105/images/rAnderson.jpgDear Clients and Friends:

As you know, Congress and President Trump enacted the Tax Cuts and Jobs Act of 2017 just before Christmas.  The new law has raised questions about last minute planning opportunities, especially relating to the deduction of state and local taxes in 2017.  I am referring specifically to real estate taxes on your home or non-rental investment real estate.  Business taxes are unaffected by the new law.  Beginning in tax year 2018, deductions for these nonbusiness taxes will be limited to $ 10,000 on a joint return.

The question we all have is, “Should I pay my property taxes before 12/31/17?”  

These taxes fall into two categories:

 Taxes already assessed and due 1/31/18.  If you normally itemize and your Schedule A taxes are normally more than $ 10,000, yes, you should pay these taxes.  The alternative minimum tax in effect for 2017 may limit the effectiveness of the deduction, so we cannot predict your individual savings without doing a tax projection.  Whether by design or intent, Congress just did not leave taxpayers enough time to evaluate their options.  

 Taxes not assessed and due 1/31/19.  The most recent information we have from the IRS indicates 2017 payments for these will be treated as deposits and may not be deductible.  While some counties have made arrangements to accept these payments, we will not know if they are deductible for a few more weeks.  Again, the lateness of the new law limits our ability to plan effectively.  I do not recommend current payment of these taxes.

We will post additional information on our website as we learn more!

Thanks,

Roy P. Anderson, CPA

Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, Anderson, Spector & Co., P.C. would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.