Uncategorized Archives | Rue & Associates

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07
Jul

5 Week PPP Extension

The five-week extension has been approved last week by both chambers of Congress. The U.S. House of Representatives and the Senate both passed the legislation by unanimous consent. The House’s approval on July 1 came after the Senate passed the …

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17
Mar

COVID-19 Update: Prioritizing our clients’ and associates’ health

The health of our clients and staff is our foremost priority during this unprecedented event. So that we may continue to provide excellent service to our clients, we will only open for emergency purposes. For our Tax and Payroll Clients, documents may be dropped off in our mail slot, uploaded to our portal, and/or emailed. There will be a skeleton crew in…

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02
Dec

Taxpayers First Act

The Taxpayer First Act of 2019, which would redesign the Internal Revenue Service, passed both Houses. The bill refocuses the action to live up to its mission of serving taxpayers, overhauling the IRS’ tools of enforcement, and strengthening the IRS’ …

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03
Sep

Settling Tax Issues on a Loved One’s Estate

When a love passes away, there needs to be someone that will handle the resulting tax issues and that is the role of the executor. Their job is to identify the estate’s assets, pay off its debts, and distribute the …

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22
Jul

Avoid These Common IRA Withdrawals & Contribution Errors

Let’s discuss some of the most common IRA contribution errors and how to avoid them. Excess Contributions: For 2019, the total amount you can contribute to all your IRA accounts is $6,000. If you are 50 or older, you can contribute …

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15
Jul

HSA Provides A Nice Tax Break

The idea behind HSAs was simple. Give workers generous tax breaks to put aside money to help pay for their health care. That in turn would make it easier for employers to offer those employees high-deductible health plans. The high-deductible …

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08
Jul

The Best Way to Save Money

If you’re not good at saving, it’s not your fault. In fact, the Federal Reserve says 40% of Americans don’t even have $400 to cover an emergency expense. The good news is that there’s a simple way to win this fight: …

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28
Jun

New Variations on Long Running Tax Scams

The IRS specifically warning about two new variations on existing, long-running tax-related scams. One of the scams tries to gather personally identifiable information related to Social Security numbers (SSN), while another threatens people with a fake tax bill. In what …

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24
Jun

Examining the Changes in Retirement

Here are eight major aspects worth examining from the SECURE Act: 1. Increase Small Employer Access to Retirement Plans This will essentially allow small employers to come together to set up and offer 401(k) plans with less fiduciary liability concern …

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14
Jun

IRS Released New Draft Form W-4

After pushback from taxpayers and tax professionals, the Internal Revenue Service (IRS) promised to revisit form W-4, Employee’s Withholding Allowance Certificate. The IRS issued a statement confirming that “the Treasury Department and the IRS will incorporate important changes into a new …

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