August 7, 2020

August 2020 Newsletter

Here are your Articles for August 7, 2020.

The DK Forensic and Valuation Department is Growing – Meet Jessica Krushensky, CPA/CFF
Jessica Krushensky, CPA/CFF is the Senior Manager of the Forensic and Valuation department for our San Diego and Los Angeles regions. She has 20+ years of accounting experience including 12 years of experience within forensic accounting, valuation, economic damages, and litigation support services. Jessica is a testifying expert and has been qualified as a financial expert witness in California Superior court and Colorado District court.

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Home Office Deduction – What you Need to Know
The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year.

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IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans
WASHINGTON − The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options.

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Five-Minute Tax Briefing® July 14, 2020 No. 2020-13
2020 Vehicle Depreciation Limits:  The IRS has released the Section 280F depreciation deduction limits for passenger autos (including trucks and vans) first placed in service during 2020. For passenger autos acquired after 9/27/17, placed in service during 2020, and subject to bonus depreciation under IRC Sec. 168(k), the depreciation limits are $18,100 for the first year, $16,100 for the second year, $9,700 for the third year, and $5,760 for each succeeding year. For passenger autos placed in service during 2020 that are not subject to Section 168(k) bonus depreciation, the depreciation limits are $10,100 for the first year, $16,100 for the second year, $9,700 for the third year, and $5,760 for each succeeding year. The IRS also has released the lease inclusion amounts for lessees of passenger autos first leased in 2020. Rev. Proc. 2020-37 .

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Required Minimum Distributions Must be Rolled Back by August 31
According to IRS Notice 2020-51, anyone who already took a required minimum distribution in 2020, at any point during the year and from an eligible retirement account, can now roll those funds back into a retirement account by August 31, 2020.

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Stay on Top of Retirement Tax Angles
Unless you understand taxes and take certain steps, a large portion of your retirement savings could be taken in federal and state taxes. So it makes sense to plan out tax-saving strategies ahead of retirement. Continue reading for illustrations of how tax-free, tax-deferred and taxable accounts can affect your end results.

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What if an Employee Has Military Duty?
If you’re fortunate enough to employ members of the Reserve or National Guard, chances are, they’re among your best workers. That makes it that much harder to do without their help if these employees get called to away to serve the country. As an employer, you need to be aware of your responsibilities in regard to giving Reserve and National Guard members the time off they need. This article explains.

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Managing Home Insurance Inspections
For a number of reasons, you may decide to change your insurance company. In the case of home insurance, this may prompt the new insurance company to inspect your house to determine what they will be covering. In this article, we take a look at what you can gain from this inspection and what to ask during the process.

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