For many of our clients, the only conversations that are more personal are the ones with their own doctors. We understand that while there are obvious financial aspects to our tax consulting and compliance, the difference we can make is fostering a relationship with our client that is proactive, service driven, and results focused.
We are told our unique approach to the personal side of business is what makes the difference. Many of our clients have been with the firm for 30 years—some over multiple generations.
Our firm offers a variety of planning and compliance services that help our client protect assets, pay their fair share of taxes, and preserve wealth for their progeny.
Under the Tax Cuts and Jobs Act, which took effect in 2018, personal exemptions were eliminated in the computation of individual income tax.
The Social Security Administration (SSA) increased the maximum amount of wages subject to Social Security tax to $137,700 for 2020 which is an increase of $4,800 from the 2019 amount of $132,900.
The new version released in August contains a number of changes from previous trials after comments from tax professionals.
In an attempt to clarify reporting obligations, the IRS has provided new guidance which supplements the IRS issued guidance on virtual currency in Notice 2014-21.
The IRS has released the updated income tax brackets for 2020 returns, modified to keep pace with inflation.