markwilli | Willi Law Office, LLC https://www.willilaw.com Willi Law Office, LLC Thu, 08 Apr 2021 19:17:51 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://www.willilaw.com/wp-content/uploads/sites/1404562/2020/02/cropped-logo-512-32x32.jpg markwilli | Willi Law Office, LLC https://www.willilaw.com 32 32 Temporary 100% Deduction for Business Meal Expenses https://www.willilaw.com/blog/2021/04/temporary-100-deduction-for-business-meal-expenses-2/ Thu, 08 Apr 2021 19:17:51 +0000 https://3377366-fork.findlaw4.flsitebuilder.com/?p=50873 IRS provides guidance on tax relief for deductions for food or beverages from restaurants; businesses can temporarily deduct 100% beginning January 1, 2021

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]]> IRS and the State of Ohio Extend Filing and Payment Deadline for Individuals to May 17 https://www.willilaw.com/blog/2021/03/irs-extends-filing-and-payment-deadline-for-individuals-to-may-17-2/ Thu, 18 Mar 2021 15:06:55 +0000 https://3377366-fork.findlaw4.flsitebuilder.com/?p=50866 Federal and Ohio income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021

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]]> TRANSFER-ON-DEATH DESIGNATIONS CAN THWART ESTATE PLANNING OBJECTIVES https://www.willilaw.com/blog/2021/02/transfer-on-death-designations-can-thwart-estate-planning-objectives-2/ Thu, 11 Feb 2021 23:46:03 +0000 https://3377366-fork.findlaw4.flsitebuilder.com/?p=50404 Transfer On Death Beneficiary Designations May Frustrate More Important Estate Planning Objectives

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]]> Beware Of “Quiet” Changes In The Federal Tax Law https://www.willilaw.com/blog/2021/02/beware-of-quiet-changes-in-the-federal-tax-law-2/ Mon, 01 Feb 2021 21:18:45 +0000 https://3377366-fork.findlaw4.flsitebuilder.com/?p=50399 During his presidential campaign, Joe Biden proposed repealing the step-up in basis for capital gains. Income tax law has always provided that the value of inherited assets, like a family business, is  “stepped up” to its fair market value when the owner dies. So, if the founder of a family business died in August of 2019, the value of the business…

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]]> Loan Co-Signers Are Not Considered Debtors by the IRS https://www.willilaw.com/blog/2020/10/loan-co-signers-are-not-considered-debtors-by-the-irs-2/ Thu, 15 Oct 2020 16:19:28 +0000 https://3377366-fork.findlaw4.flsitebuilder.com/?p=50381 If you receive a 1099-C for a forgiven loan that you co-signed, you should contact the lender and explain that the 1099-C was issued in error, and ask them to issue a correction.   If the lender refuses to correct the 1099-C, you should seek the assistance of an experienced tax professional to ensure your return is prepared correctly.

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]]> Tax Tips for New Business Owners https://www.willilaw.com/blog/2020/09/tax-tips-for-new-business-owners-2/ Wed, 23 Sep 2020 18:54:21 +0000 https://3377366-fork.findlaw4.flsitebuilder.com/?p=50377 Understanding the tax responsibilities that come with starting a business venture can save you time, money, and aggravation, and help set you up for success. Here are six tips for new business owners.   Choose a Business Structure The form of business determines which income tax return a business taxpayer needs to file. The most common business structures are: Sole…

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]]> IRS Announces 2020 – 2021 Per Diem Rates https://www.willilaw.com/blog/2020/09/irs-announces-2020-2021-per-diem-rates-2/ Mon, 14 Sep 2020 18:58:15 +0000 https://3377366-fork.findlaw4.flsitebuilder.com/?p=50367 The IRS recently updated 2020-2021 per diem rates to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home on or after October 1, 2020.

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]]> Beware of Misleading Claims from Offer-In-Compromise Mills https://www.willilaw.com/blog/2020/08/beware-of-misleading-claims-from-offer-in-compromise-mills-2/ Mon, 17 Aug 2020 16:55:55 +0000 https://3377366-fork.findlaw4.flsitebuilder.com/?p=50364 The IRS recently unveiled its “Dirty Dozen” list of tax scams in 2020, and one of the items is a concern we encounter frequently:  Offer-In-Compromise (OIC) mills.  Some “tax relief” companies have misleading radio and television advertising campaigns that offer chances to settle tax debts for “pennies on the dollar”.  While the ads give slick testimonials from individuals that have…

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]]> Confusion Regarding IRS Notices With Expired Action Dates https://www.willilaw.com/blog/2020/08/confusion-regarding-irs-notices-with-expired-action-dates-2/ Mon, 03 Aug 2020 20:01:35 +0000 https://3377366-fork.findlaw4.flsitebuilder.com/?p=50234 The Internal Revenue Service (IRS) is reopening its operations following its shutdown in March due to the COVID-19 emergency. The IRS generated more than 20 million notices during the shutdown, but the mailing of these notices has only recently begun.  As a result, the notices contain action dates or response deadlines that have already passed. The good news is that…

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]]> CARES ACT Impact on Required Minimum Distributions from IRAs https://www.willilaw.com/blog/2020/07/cares-act-impact-on-required-minimum-distributions-from-iras-2/ Tue, 14 Jul 2020 16:45:52 +0000 https://3377366-fork.findlaw4.flsitebuilder.com/?p=50226 As part of the Coronavirus Aid, Relief, and Economic Security Act (“the CARES Act”) the IRS has announced important guidance on the rules for Required Minimum Distributions (RMDs) from IRAs and other retirement plans for tax year 2020. RMD Waiver: You can elect to NOT take your 2020 RMDs from defined-contribution retirement plans, including 401(k) plans, 403(b) plans, and IRAs. This…

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