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How Do I Qualify For Social Security?

by Steven J Weil, PhD, EA, LCAM | Aug 17, 2023 | Blog, Investments, Personal Tax

Anyone born in 1929 or later needs 10 years of work (40 credits) to be eligible for retirement benefits. The maximum credits that can be earned per year is 4. Credits are earned based on wages as an employee or self-employment income. The amount of earning required...

Simple Retirement Plans

by Steven J Weil, PhD, EA, LCAM | Mar 16, 2023 | Blog, Business Tax, Investments

  A SIMPLE is an Affordable Retirement Plan For Small Businesses A SIMPLE (Savings Incentive Match Plan for Employees) is a retirement plan that small business owners can offer to their employees.   Here are the basic features of a SIMPLE: Eligibility:...

Student Loan Debt Forgiveness

by Steven J Weil, PhD, EA, LCAM | Aug 24, 2022 | Blog, Investments, Personal Tax

Today, August 24th 2022, President Biden announced a program to forgive student debt for qualifying taxpayers. According to the announcement, those with qualifying student loans could receive between $10,000 and $20,000 in forgiveness. Pell Grant recipients can...

All of a Sudden Everyone Wants Me – Not to Mention My Money!

by Steven J Weil, PhD, EA, LCAM | Sep 20, 2021 | Blog, Investments, Personal Tax, Wealth

A whole new world has opened to me and I don’t like it one bit. As I recently turned 65, the nature of my mail, Facebook feed and email have changed. I have suddenly become the target of every financial planner, investment product, tax savings event, webinar and free...

Important Crypto & Virtual Currency Update

by Steven J Weil, PhD, EA, LCAM | Feb 23, 2021 | Blog, Business Tax, Investments, Personal Tax

???????????? ???????????? ???????????? ???????????????????? ???????????? ???????????????????????????? ???????????????????????????????? ???????????????????????????????? from Schedule 1 of the 2019 Form 1040 to the first page of the 2020 Form 1040 and Form 1040-SR. The...

IRA Early Distribution Penalty Suspended

by Steven J Weil, PhD, EA, LCAM | Apr 15, 2020 | Blog, Covid-19, Investments

10% Early Distribution Penalty Suspended on Coronavirus-related IRAs & Qualified Plan Distributions The CARES Act provides that the 10% additional tax on distributions to those under 59.5, does not apply to coronavirus-related distributions, up to $100,000. A...
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Blog

Another Court

Sep 22, 2023 | Blog, Payroll Preparation

Another Court Affirms Employees Overtime & Time Worked Pay Requirement The U.S. Court of Appeals for the Second Circuit has approved a ruling by a New York District Court finding that New York City Emergency Medical Technicians (EMTs) and paramedics were...

No Statute of Limitations

Sep 9, 2023 | Blog, Business Tax, Personal Tax

No Statute of Limitations If You Don’t File A Return The statute of limitations for any given tax year does NOT start if you don’t file a tax return. This means that the IRS can assess taxes and even file criminal charges related to unfiled returns regardless of how...

Hurricane Idalia

Sep 5, 2023 | Blog, Business Tax, Personal Tax

Florida Victims of Hurricane Idalia Get Tax Relief The IRS has provided tax relief to victims of Hurricane Idalia in Florida. These taxpayers now have until February 15, 2024, to file various individual and business tax returns and to make certain tax payments. This...

IRS Fails

Sep 5, 2023 | Blog, Business Tax, Personal Tax

IRS Fails to Follow the Rules According the Treasury Inspector General for Tax Administration, IRS employees have not always followed the rules when it came to directly contacting taxpayers (instead of their representatives like CPAs, enrolled agents and attorneys)....

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