As the world continues to shift to a more paperless system, the IRS offers a multitude of ways to make electronic tax payments. While the system of mailing paper checks still works, making online tax payments offers individuals a different option to make such payments. There a several methods that allow you to make digital… Read More »
It’s been said that ‘With great power comes great responsibility.” Bryan Junge, with CPA Consulting Group, LLP may not agree that he has a lot of “power,” but he does view it as his responsibility to give back to the community of which he is a part. Because of this, Bryan recently began serving on… Read More »
Traditional IRA distributions are generally taxable in the year you receive them. However, there are a few exceptions that can make the distribution non-taxable. One of those options is to make a qualified charitable distribution. A qualified charitable distribution (QCD) is a nontaxable distribution from your IRA account made directly by the trustee of your… Read More »
Bill Cubin, a partner at CPA Consulting Group, LLP believes in human beings taking care of each other, especially when it comes to children. For more than a year, Cubin has served on the Board of Directors for St. Joseph’s Children’s Home, in Torrington, Wyoming. St. Joseph’s, per their website, is a “private, non-profit psychiatric… Read More »
With the passage of the Tax Cuts and Jobs Acts (TCJA) in 2017, major changes were made in regard to bonus depreciation. The law change increased the deduction from 50% to a 100% deduction of the purchase price of eligible assets in the year of acquisition. This was a major change of the law, as… Read More »
What is IRMAA? It is the Income Related Monthly Adjustment Amount (IRMAA) to Medicare B and Medicare Drug coverage amounts that are paid monthly, either by a deduction from a person’s Social Security check or paid directly to Medicare. These are not premiums paid for separate supplemental health and drug coverage plans or Medicare Advantage… Read More »
Inflation has skyrocketed during the previous 18 months, reaching 40-year highs this summer. It is currently above 8% on an annual basis. Inflation is essentially caused by too much money in the hands of buyers and not enough goods to purchase in the marketplace. Government-mandated Covid shutdowns decreased the supply of goods worldwide. In addition,… Read More »
As many of you have heard in the news, the Biden-Harris administration has been working on a one-time student debt relief plan. The plan allows for a maximum of $10,000 in debt relief to non-Pell Grant recipients and a maximum of $20,000 in debt relief for Pell Grant Receipt. The following are a couple of… Read More »
Since the Affordable Care Act (ACA) was passed in 2010, reduced-cost health insurance premiums are offered through the online marketplace. However, through 2020 you did not qualify for those reduced premiums if your household income exceeded 400% of the federal poverty level based on the number of people in your household. This was a hard… Read More »
Employee Retention Credit or ERC. Many of you have heard about this recently. There are numerous radio ads, mailers, flyers, and spam emails concerning ERC, how you qualify for it, and how the company posting the ads can get you back tens if not hundreds of thousands of dollars in refunds. The ERC is real.… Read More »