Ivy Ting-Wimberly

What are My Self-Employed Tax Obligations?

What are My Self-Employed Tax Obligations? As a self-employed individual, generally you are required to file an annual return and pay estimated tax quarterly. Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax. SE tax is a...

Reporting cash transactions helps government combat criminal activities

Reporting cash transactions helps government combat criminal activities FS-2020-11, July 2020 The information on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business (PDF), helps law enforcement combat money laundering, tax evasion, drug...

IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans

IRS: New law provides relief for eligible taxpayers who need funds from IRAs and other retirement plans IR-2020-172, July 29, 2020 WASHINGTON — The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act...

Avoid the Gift Tax—Use the Tuition and Medical Strategy

Use Your Business to Maximize Charitable Donations If you or a well-off relative are facing the gift and estate tax, here’s a planning opportunity often overlooked: pay tuition and medical expenses for loved ones. Such payments, structured correctly, do not represent...

Eight Things to Know About the SECURE Act

Eight Things to Know About the SECURE Act The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed the landscape for retirement and savings planning. Here are eight important reminders about this new law: You can’t use contributions made in 2020...