James Ortiz | April 3, 2019
The Internal Revenue Service has provided clarification – including detailed examples – of the tax treatment of state and local tax refunds arising from any year in which the new $10,000 limit on the state and local tax (SALT) deduction is in effect. Read more. Read More
David Cechanowicz | March 31, 2019
he universe of potential Social Security retirement benefit claimants is divided into two groups that are separated by one date: January 2, 1954. All individuals who were born on or after that date are limited to one Social Security benefit claim when it comes time to file for benefits. Married (or formerly married) workers born prior to that date have the potential ability to claim one Social Security benefit while allowing the second, the larger benefit, to grow by up to 32% before claiming it. The first benefit in question is called the spousal benefit and it has a special application for households with claimants born prior to January 2, 1954. Read more. Read More
Ryan Hart | March 22, 2019
What does the Tax Cuts and Jobs Act have to do with divorces and alimony payments? It turns out—a lot. In fact, the new law eliminates tax deductions for alimony payments related to post 2018 divorce agreements. Alimony for divorces pre-2019 that met the tax-law definition if alimony will continue to be deductible. Read more. Read More
Ryan Hart | March 11, 2019
The Tax Cuts and Jobs Act of 2017 affected businesses and employees in any number of ways, and parking expenses were no exception. Before the close of 2018, the IRS issued highly anticipated guidance that will help determine the amount of qualified parking expenses that are subject to disallowance or inclusion in income. Read more. Read More
REDW | March 4, 2019
REDW LLC, one of the Southwest’s 10 largest public accounting and business consulting firms, announced today it has made a financial commitment of $23,000 to the American Indian Graduate Center (AIGC), a national organization providing educational assistance to American Indian and Alaska Native college students throughout the United States.
The scholarship, which was also offered in 2014, is designed to encourage undergraduate and graduate level Native American students pursue a degree in the field of accounting and finance. Named the REDW Native American Scholarship in Accounting and administered by the AIGC, the scholarship will be funded through an annual commitment of $5,750 for the next four years. Read more. Read More
Jamie Fridley | March 1, 2019
The last thing taxpayers expected following sweeping tax reform was to receive lower refunds than they had in the past. In fact, some are discovering that instead of a refund they owe the federal government. So what went wrong? Read more. Read More
Laura Hall | February 26, 2019
Have you ever wondered what happens in the background or behind the scenes before one of the professionals at REDW Wealth meets with a client to present and discuss a tax return or financial plan, or quarterly portfolio reports?
Over the years, a number of our clients have asked that question and been surprised at the answer. Read more. Read More
James Ortiz | February 20, 2019
On February 4, Governor Michelle Lujan Grisham signed Senate Bill 106 into law, closing the tax loophole that had allowed property owners to avoid paying Lodgers Tax on revenue generated by short-term rental of their properties. The bill, which was very similar to legislation drafted during the 2017 session, passed both the House and Senate with overwhelming support. Read more. Read More
James Ortiz | February 11, 2019
The wheels of the Wayfair decision are turning across the U.S.
Federal tax changes had a ripple effect across many states in 2018. In fact, 13 states saw net increases to their sales and use taxes, as stated by a recent report from the National Conference of State Legislatures. In comparison, 10 states reported net decreases. While relatively on track with trends in recent years, these changes accounted for the most significant net tax increase at the state level, up by $847.1 million.
According to the report, 2018 proved to be a year of many challenges and opportunities in regards to taxes. Read more. Read More
Mike Chelius | February 4, 2019
Taxpayers finally have guidelines from the IRS regarding the Section 199A deduction. In issuing the final regulations regarding qualified business income (QBI), the IRS provided clarifications about how taxpayers can demonstrate they qualify for the deduction. Additionally, the IRS issued proposed regulations regarding previously suspended losses. Read more. Read More