Apr 12, 2020 | Accounting & Audit Updates, Featured News and Events, Tax Due Dates, Tax News
The IRS continues to grant filing and payment relief to taxpayers. The latest IRS release IR-2020-66 expands the filing and payment relief beyond just those filings and payments due April 15, 2020. The IRS’s latest announcement issued on April 9, 2020 generally...
Mar 31, 2020 | Accounting & Audit Updates, Featured News and Events, Tax Due Dates, Tax News
IRS Tax Update: Please see below for the most up-to-date information for the IRS, DC, MD and VA tax filing deadlines for the 2019 tax year. We will continue to update you as we get more information on tax return filing and payment due dates. If you have any...
Aug 27, 2019 | Accounting & Audit Updates, Tax News
Benjamin Franklin once said “to fail to plan is to plan to fail.” This adage certainly applies to tax planning. Although the Tax Cuts and Jobs Act of 2017 (TCJA) eliminated many deductions outright, there are exceptions. Certain deductions still exist but...
Aug 22, 2019 | Accounting & Audit Updates, Tax News
In the recently issued Revenue Procedure 2019-29, the IRS has announced the Affordable Care Act’s affordability threshold for plan year 2020. Further, the Department of Health and Human Services has released the ACA’s employer penalties and out-of-pocket...
Aug 20, 2019 | Accounting & Audit Updates, Tax News
The IRS makes annual adjustments to a variety of plan limits and other key numbers. The chart below lists the most important numbers for 2018 and 2019, so you can see what’s changed — and what hasn’t. If you have questions, contact an MCB Advisor at...
Aug 1, 2019 | Accounting & Audit Updates, Tax News
The Taxpayer First Act of 2019 is redesigning how the IRS works with taxpayers, even though it may take a while for many of the provisions to take effect. Some experts have highlighted the following aspects of the bill as especially important: An independent...