Tax Tip of the Week | America’s Richest 400 Families Now Pay a Lower Tax Rate Than the Middle Class
The U.S. tax system is supposed to be progressive, meaning that wealthier households pay a larger share of their income to the taxman than the middle class and the poor. Yet after the Tax Cuts and Jobs Act of 2017, that’s no longer the case: For the first time in a century, America’s 400 richest
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Notice for covid19
We all at Sen & Associates (and SMK Consulting LLC) wants to follow the high level of social distancing guidelines proposed by different Governments to contain the spread of the serious Corona Virus Covid 19. Accordingly, we at SMK will mostly work from home without any direct interaction with any client from March 23rd 2020
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Tax Deadline Extended
Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed IR-2020-58, March 21, 2020 WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also
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Coronavirus Tax Relief
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the coronavirus. This page will be updated as new information is available. For other information about the COVID-19 virus, people should visit the Centers for Disease Control and Prevention (CDC) (https://www.coronavirus.gov) for health information. Other information about
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Tax Tip of the Week | New Tough Tax Rules for Business Losses
Some businesses are very profitable, others are not – many businesses exist somewhere in the middle. Until recently, a Net Operating Loss (NOL) could be carried back two (2) years and the remainder forward for twenty (20) years (all within various limitations). Things have changed. For the vast majority of businesses, NOLs may only be
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