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Omar Virjee

PLANNING FOR THE 3.8% INVESTMENT TAX

October 20, 2020 by Omar Virjee

Higher income investors need to plan for the 3.8% “unearned income Medicare contribution” tax. This 3.8% tax was enacted as part of the 2010 health care overhaul. Some Details The tax applies only to taxpayers with modified adjusted gross income (AGI) above these levels: $200,000 (single/head of household), $250,000 (married filing jointly/surviving spouses), or $125,000 […]

Filed Under: Individual Taxes

PPP Loan Forgiveness Update September 2020

September 21, 2020 by Omar Virjee

As we are nearing the last quarter of the year, businesses that received the PPP loan are now starting to get emails from their lenders to began gathering their documents to apply for forgiveness. Here are some points regarding our take on the timeline along with important dates to keep in mind. Possibly delay applying […]

Filed Under: COVID-19

WILL THE SECURE ACT AFFECT YOUR RETIREMENT PLANNING?

July 31, 2020 by Omar Virjee

The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) was signed into law on December 20, 2019. The Act will likely impact large numbers of working Americans as well those already retired. In general, the Act is intended to increase access to tax-advantaged retirement plans and to help prevent older […]

Filed Under: Business Taxes

WHAT’S TAXABLE TO AN S CORPORATION SHAREHOLDER?

June 2, 2020 by Omar Virjee

WHAT’S TAXABLE TO AN S CORPORATION SHAREHOLDER?

S corporation shareholders have an added reason to worry about their company’s annual performance: It has a direct impact on their own income taxes. How It Works Unlike a regular C corporation, an S corporation usually doesn’t pay federal income taxes itself. Instead, each shareholder is allocated a portion of the corporate income, loss, deductions, […]

Filed Under: Business Taxes

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