August 17, 2020

2020 Required Minimum Distributions (RMDs) - Waived Under the CARES Act

By Angel Nevis, CPA, Senior Tax Manager; Anu Joshi, CPA, Senior Tax Manager; Chris Madrid, CPA, Tax Director, ASL Family Wealth & Individual Tax Planning Group

ACTION REQUIRED BY AUGUST 31, 2020

If you have taken required minimum distributions from a retirement account in 2020 or are planning to, don’t miss this relief provision and potential tax-saving opportunity.

For the 2020 tax year only, RMDs from retirement accounts are not required. This includes distributions from traditional IRAs, SEP IRAs, SIMPLE IRAs, 401(k) plans, 403(b) plans, 457(b) plans, and profit-sharing plans. The waiver was recently expanded to include distributions from inherited IRAs, and also applies to certain taxpayers who reached RMD age in 2019. (more…)

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Categories: COVID-19
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February 12, 2019

Beware of the New Tax Law’s Impact on Trust and Estate Income

By Christine Collins Madrid, CPA, Tax Director

The Tax Cuts and Jobs Act (TCJA), signed into law in December 2017, made important modifications to the income taxation of trusts and estates for 2018 and beyond. Trust and estate income tax rates and brackets changed, along with deductibility of some estate and trust administrative expenses. Also, a new qualified business income deduction is available, under certain circumstances, that could be as much as 20% of qualified business income. (more…)

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Categories: Family Wealth & Individual Tax Planning, Tax Reform, Winter 2019
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August 8, 2018

The New Form 1040 - Navigating the Postcard

In this podcast, Chris Madrid from our Family Wealth and Individual Tax Planning Group discusses the recently released draft of the new Form 1040 and the changes taxpayer’s should look out for.

Read The New Form 1040 – Navigating the Postcard/ article.

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Categories: Family Wealth & Individual Tax Planning, Tax Reform
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August 2, 2018

The New Form 1040 - Navigating the Postcard

By Christine Collins Madrid, CPA, Tax Director

The IRS recently released a draft of the new Form 1040, which has had a dramatic makeover. The new form is a large postcard-size document (half the normal page size), which may be a nod to President Trump’s campaign promise to simplify the tax code to the point that an average American could fill out their form on a postcard. Forms 1040EZ and 1040A have been eliminated, so all taxpayers will be using this new Form 1040 beginning with the 2018 tax year. (more…)

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Categories: Family Wealth & Individual Tax Planning, Summer 2018
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