Federal and State Income Tax Deadlines Extended

On April 23, 2021   /   Business Law West Des Moines, Legal Resources West Des Moines, Taxation Law West Des Moines  
2021 state and federal tax deadlines

The IRS has extended the filing and payment deadline to May 17, 2021 for 2020 Federal income tax returns.  The extension applies to individuals, businesses, trusts and estates.  By extending the deadline to May 17, the IRS is automatically postponing to the same date the time for individuals to make year 2020 contributions to IRAs (Traditional and Roth), health savings accounts, Archer Medical Savings Accounts and Coverdell education savings accounts.  In addition, for tax year 2017 Federal income tax returns, the normal April 15 deadline to claim a refund has been extended to the new date of May 17, 2021. 

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Final Regulations on Deductibility of Expenses of Estates and Non-Grantor Trusts

On October 27, 2020   /   Business Law West Des Moines, Estate & Trust Administration, Estate Planning West Des Moines, Legal Resources West Des Moines, Taxation Law West Des Moines, Will & Trusts West Des Moines  
business taxes, business tax deductions, deduction limits, business expense threshold limits, De Minimis Safe Harbor Expense Threshold

On September 21, 2020, the Internal Revenue Service issued final regulations in regard to the deductibility of expenses of estates and non-grantor trusts.  The Tax Cuts and Jobs Act (TCJA), which was passed previously, bars individuals from claiming miscellaneous itemized deductions for the years 2018 through 2025.  After the passage of the TCJA, there are questions on how such barred itemized deductions would impact estates and non-grantor trusts. The final regulations state that deductions for costs which were paid or incurred in connection with the administration of an estate or trust and which would not have been incurred if the

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1031 Like Kind Exchange Relief

On May 27, 2020   /   Business Law West Des Moines, Contract Law West Des Moines, Corporate Law West Des Moines, Taxation Law West Des Moines  
1031 Like Kind Exchange

Section 1031 of the Internal Revenue Service Code allows a taxpayer to defer recognition of capital gains and related federal income tax liability on the exchange of investment real estate.  The capital gains and related federal income tax liability are deferred to the time that the replacement real estate is sold.  In order to meet the IRS requirements, the seller must use a qualified intermediary to handle the sale of the property and the purchase of the replacement property. A taxpayer has 45 days from the date of sale to identify the replacement property and 180 days from the date

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Decision-Making Process – A Guide for Tax Season

On January 20, 2015   /   Corporate Law West Des Moines, Taxation Law West Des Moines  
legal tax help west des moines, iowa

Decision making – everyday has within it many decision-making challenges. Many of those challenges have a crucial moment where action needs to be taken. How do you process the moment? How will you process these moments for the upcoming tax season? At Beatty and Miller, P.C., we help our clients through many challenges and decision-making steps needed during tax time. The process we take, while general in its application, can help tremendously in making tax-based decisions or any important decision-making moment you may face. The three stages of the decision-making process are as follows: Awareness that a decision needs to

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