ACG Tax Service

Required minimum distributions (RMDs) were suspended in 2020 due to the COVID-19 outbreak. However, barring any future extension of the suspension, RMDs will resume in 2021.

Because of the pandemic, the people who normally rely on the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC) to make ends meet are adversely affected. To assist them, Congress came up with a special way to calculate the two credits for 2020.

Here's some Monday Motivation for you: Take inspiration from these 11 founders "who trusted their gut and reaped the benefits."

Get ready for the week: ACG Tax Service Inc. has motivation for your Monday.

According to the National Retail Federation, US retail sales are set to rise 6.5% to 8.2% in 2021, as the "Covid vaccine triggers fastest growth in over two decades."

Wondering if your state is taxing forgiven PPP loans? This map breaks it all down.

A frequent question is whether inherited assets are taxable. Generally, they are not until they are sold, and then only to the extent that the sales price exceeds the fair market value of the asset at the time of the decedent's death. There are exceptions to this rule, such as traditional IRAs and other deferred untaxed income of the decedent.

"Anticipated spending on holiday gifts is expected to drop significantly this year amid a retail slump due to the coronavirus pandemic," a Gallup poll found.

Wednesday Wisdom from your friends at ACG Tax Service Inc.

An individual must have compensation in order to contribute to an IRA, unless the individual is a non-working or low-earning spouse who is allowed to contribute to his or her own IRA based upon the compensation of the working spouse.

Looking back at all that's happened since the start of the pandemic, it's clear that tech has played a pivotal role. Here are 3 ways digital strategies transformed businesses during COVID-19.

Looking for a sign? Here's your Monday Motivation from Yonkers based ACG Tax Service Inc.

Here's a tricky question: How do you know when it's the right time to scale your business? Read on to learn five critical identifiers for scaling and how to get it done.

News on a potential stimulus package changes constantly. Here's the latest on whether a package has any chance of passing Congress before the election.

The IRS is on a roll with catching wealthy Americans hiding money offshore. Learn more about the latest here.

First, there was the usual April 15th deadline. Then, there was July 15th. If you filed for an extension, your deadline was October 15th - and now that date has come and gone. What happens now if you missed it?

Some insider tax knowledge from ACG Tax Service Inc..

Operating a SMB is hard work - and it's vital to know the financial health of your business at any time. Whether you're assembling your financial reports yourself or have hired professional help (like us), here are 12 metrics that can help you monitor your success.

To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 has given rise to more than the usual tax-planning opportunities. Thus, you may find it appropriate to schedule a tax-planning appointment well before the close of the year to take advantage of the tax benefits and strategies available for 2020.

The Department of Justice has charged Robert Brockman, a Texas billionaire, with the biggest tax fraud case in U.S. history.