Resources

Cray Kaiser Employee Spotlight: Raimonda Kesler

In Cray Kaiser’s Employee Spotlight series, we highlight a member of the CK team. We couldn’t be more proud of the team we’ve grown and we’re excited for you to get to know them. This month we’re shining our spotlight on Raimonda Kesler.

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Do You Know the Gain on Home Sale Rules?

The rules surrounding the sale of one’s principal residence have changed over the years. It used to be that you could simply rollover your gain on a tax-free basis as long as you reinvested the proceeds into a new principal residence. However, those gain on home sale rules have since been eliminated and replaced with a principal residence exclusion.

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5 Strategies for High-Income Taxpayers to Consider in Preparation for Potential Tax Increases

Have you considered that potential tax increases might be on the horizon? Regardless of who wins the elections this November, with rising deficits at the state and federal levels, government spending skyrocketing, and revenue dropping due to the COVID-19 pandemic, we can assume that taxes will go up in coming years. We can also assume that the likely focus for generating this additional tax revenue is the wealthy.

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Unique IRA Opportunities for 2020 as a Result of COVID-19

As hard as it has been financially for many individuals, the year has provided some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal IRA withdrawals and the decision whether to take advantage of the required minimum distribution suspension for 2020.

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Why It’s Important to Keep and File IRS Notice 1444

The IRS is mailing all recipients of economic impact payments, commonly referred to as stimulus checks, a copy of Notice 1444 that provides information about the amount of their payment, how the payment was made and how to report any payment that wasn’t received.

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Are You Leveraging the Biodiesel and Alternative Fuels Tax Credit?

Many companies use alternative fuels in their operations, such as utilizing propane for their forklifts, but they may not be aware of the Biodiesel and Alternative Fuels tax credit. While the credit expired in 2017, Congress resurrected it in December 2019 and made it retroactive for 2018 in Notice 2020-8. The current legislation has this tax credit set to expire after 12/31/2020, unless Congress extends the date again.

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The IRS Provides Additional 2020 RMD Rollover Relief

Normally, RMDs are not allowed to be rolled over, but because the CARES Act waives the requirement to take a 2020 distribution, these distributions are not treated as RMDs for 2020, rather are considered distributions that are eligible to be rolled over.

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Guidance on the PPP Loan Forgiveness Revised Forms

On June 16 and 17, 2020 the Small Business Administration (SBA) released revised loan forgiveness application forms and also provided additional guidance for a few provisions under the Paycheck Protection Program (PPP) loans. We believe further guidance may be forthcoming; however, the following information will be helpful as borrowers begin the process of applying for loan forgiveness.

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Cray Kaiser Employee Spotlight: Dan Swanson

In Cray Kaiser’s Employee Spotlight series, we highlight a member of the CK team. We couldn’t be more proud of the team we’ve grown and we’re excited for you to get to know them. This month we’re shining our spotlight on Dan Swanson.

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