With the sweeping new tax legislation in 2018 capturing everyone’s attention, other changes have taken a back seat. There were several Tax Court cases in 2018 that rendered important decisions impacting how things work – one of which was Povolny Group, Inc. v. Commissioner, T.C. Memo 2018-37.
Workers pay into the Medicare and Social Security systems through an automatic payroll (FICA) tax throughout their careers. Therefore, when they retire, they are entitled to benefits paid out by those programs. Given that cutting benefits or raising the federal retirement age are not popular solutions, other proposals have been suggested to help protect benefits and even provide new ones for the nation’s taxpayers. Social Security Lump Sum Benefit and Universal Medicare for All are just two of the newest proposals for government programs.
One of the best ways to use technology is to enhance current processes. Over the past two decades, many firms have begun tracking their client and prospective client interactions via spreadsheets and data software. These days, automated workflow tools can replace many of those older, time-consuming tasks by integrating single-source data for a variety of uses.
Filing taxes for the first time can be overwhelming. But if you have the right tools and advice before you start, it won’t be. Here are a few critical things to know before you begin, which will make the seemingly daunting process much easier.