Gates, Kirby & Company, P.C.

25 Sep

AN “INNOCENT SPOUSE” MAY BE ABLE TO ESCAPE TAX LIABILITY

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can pursue either spouse to collect the entire tax — not just the part that’s...

09:00 / Legal / Taxes

21 Aug

TAKING DISTRIBUTIONS FROM YOUR TRADITIONAL IRA

If you’re like many people, you’ve worked hard to accumulate a nest egg in your traditional IRA. Knowing the finer points of the distribution rules is critical — particularly as some of these rules have temporarily changed under the Coronavirus Aid, Relief and Economic Security...

08:00 / COVID-19 / Inheritance / Legal / Retirement / Taxes

20 Jul

DON’T FORGET ABOUT THE PAYROLL TAX CREDIT

If your company has been able to keep some or all of its workers on its payroll, remember that you may still be able to qualify for the payroll tax credit created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This article discusses...

08:00 / Budgeting / COVID-19 / Legal / Taxes

26 Jun

DON’T FORGET ABOUT YOUR 2019 TAX RETURN

Earlier this year, in response to the novel coronavirus (COVID-19) crisis, the IRS deferred the filing and payment deadlines for federal tax returns. This article recaps the relief and discusses what taxpayers should know about filing an extension and contributing to certain savings accounts. A...

08:30 / COVID-19 / Legal / Taxes

31 May

INNOCENT SPOUSE RULES OFFER PROTECTION UNDER SOME CIRCUMSTANCES

Must one spouse pay the tax resulting from a fabrication or omission by another spouse on a jointly filed tax return? It depends. This article explores the “innocent spouse” rules, which aren’t easy to qualify for but do offer relief to some taxpayers. A sidebar...

09:00 / Legal / Taxes

TAKING DISTRIBUTIONS FROM YOUR TRADITIONAL IRA

DON’T FORGET ABOUT THE PAYROLL TAX CREDIT

DON’T FORGET ABOUT YOUR 2019 TAX RETURN

INNOCENT SPOUSE RULES OFFER PROTECTION UNDER SOME CIRCUMSTANCES

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