Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners, and Renters
There is a dedicated site available for those eligible to apply for a loan due to Corona Virus hardship.

The site has all the information needed to see if you qualify and to apply online.

Please visit https://disasterloan.sba.gov/ela/  

Due to the Corona virus there has been a relief for tax payments due on your 2019 tax return.

Tax returns are still due April 15th, 2020 however, payments that are due on April 15th, 2020 can now be delayed for 90 days.
 
This means you now have until July 15th, 2020 to pay your taxes due on your tax return without penalty or interest.

If the tax return is not timely filed or properly extended the 90 day relief will not apply. 

Refunds are unaffected.

Things are changing fast and we will keep you updated.

Source: https://taxspeaker.com/

Below you will find the new IRA RMD rules for 2020 which changed from 70.5 to 72.
​The table below explains which years your payment dates will be based on year born.

​Source: Tax Speaker https://taxspeaker.com/

Use this worksheet to figure this year's required withdrawal for your traditional IRA UNLESS your spouse is the sole beneficiary of your IRA and he or she is more than 10 years younger than you.

Deadline for receiving required minimum distribution:

• Year you turn age 70.5 - by April 1 of the following year; 72 after 1/1/2020.
• All subsequent year - by December 31 of that year.

1. IRA balance on December 31 of the previous year.                                                         $__________
2. Distribution period from the table below for your age on your birthday this year.     ___________
   
3. Line 1 divided by number entered on line 2.                                                                                                  This is your required minimum distribution for this year from this IRA                         $__________
4. Repeat steps 1 through 3 for each of your IRAs.

Once you determine a separate required minimum distribution from each of your traditional IRAs, you can total these minimum amounts and take them from any one or more of your traditional IRAs.
​Source: IRS.

Miksch & Company CPA PA
(727) 367-1040
​mikschcpa@msn.com

The new 2020 mileage rates have been announced by the IRS

2020 Mileage rate = .57.5

2019 Mileage rate = .58

Please remember to keep a mileage log or use a mileage app.

Thank you
​
Miksch & Co CPA
Tel: 727-367-1040

Since the IRS changed the tax withholding tables for 2018, many people who normally receive a refund are now owing taxes when they file their tax return.  You probably didn't notice the tax savings since you only saw a slight increase in your take home pay vs a large refund check when you filed your tax return.  We're all wishing that the IRS left the withholding tax the same as 2017 and let us celebrate with a huge refund check.  Unfortunately, the IRS never lets us have anything pleasant.

Please look over your withholding on your paychecks so you can enjoy the large refund check again in 2019.  The refund is actually your own money paid to the IRS each paycheck, like a forced savings account.  But many people count on that check for large purchases and much needed vacations.

The IRS charges an underpayment penalty if you didn't submit the lesser of the 90% of the current year's tax liability or 100% if the prior year's tax liability.  Since the IRS played games with the refund checks and many people owe, the IRS graciously lowered this percentage to 85%.

Remember to check you withholding now so you can properly plan for next tax season so you don't have any surprises.