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Hello Clients and Friends, We wanted to take this opportunity to update you on Covid-19 and it’s effect on EGP and how we serve you. By now you have probably heard that Arkansas Governor Asa Hutchinson issued an appeal yesterday for all Arkansans who have the ability to do so to stay home and work remotely. In keeping with our vision of being responsible community-minded business citizens, EGP honored that request by immediately closing all ...

You may have recently heard the scuttlebutt regarding the possible need to have a so called "Real ID", but are you aware of what this new form of identification is for or how to obtain one? Chances are you may not be, as recent surveys have indicated over half of the US population have no idea that the requirements for Real IDs begin on October 1 of this year! This is somewhat surprising considering that ...

Within the last few days, the US Treasury announced it would extend the tax payment deadline for taxes due on April 15, 2020 to July 15, 2020. Yesterday, more helpful guidance was issued on this extension. What we know: The relief is available for income tax payments due April 15, 2020. This includes federal estimated tax payments due April 15, 2020. Such payments will not be subject to interest or penalty if paid on or ...

Clients and Friends: It goes without saying, these are unprecedented and unsettling times. We at EGP want you to know that we are monitoring the evolving coronavirus situation closely, and are proactively taking steps to promote the health and well-being of our associates, our clients and the communities we are blessed to serve.  To that end, here are a few important things we want you to know: -All of our offices have been and will ...

The Social Security program is definitely not a static thing. Changes to it occur every year and certainly this year is no exception. Because approximately 61 million people across our great land collect Social Security benefits, it's important if you are one of them (or soon will be) that you know how these changes affect you. This is especially true if Social Security is your primary source of income. And if you pay Social Security ...

You recently inherited assets of some kind (or expect to), and you know that at some point you likely will sell some of your new found wealth. Good for you! With that blessing, however, comes a potential income tax.  Have you thought about the tax consequences when you make that sale? More specifically, most people understand that when you sell an asset, be it a financial asset or something more tangible like real estate, you ...

Happy New Year (it's not too late to say that, is it?)! Are you, like many Americans, starting to think about this tax season and when you'll get your IRS income tax refund? The tax reform law that hit in early 2018 will still have an effect on many Americans, with the tax returns they file from January through April 15, 2020 affecting the amount of their refunds. Several factors can determine when a taxpayer ...

It seems like there is always a new approach out there that crooks are using to try to steal your hard-earned money. The IRS recently alerted tax professionals such as myself to be on the lookout for a new variation of a tax-related scam involving Social Security numbers. It is one you need to know about! In this latest twist, in yet another attempt by crooks to scare people into returning robocall voice mails, scammers ...

Congress is up to its old tricks. It seems the pols in DC love to wait all year and then right at the last possible moment, send new tax legislation down the pike! This year is no different. As I write this, both the House and Senate have passed The Further Consolidated Appropriations Act of 2020. While this is mainly a federal government spending bill to keep the federal government open, it contains important tax ...

In my article a few weeks back (see "Year-end Strategies to Reduce Adjusted Gross Income") I wrote about the tax savings aspects of reducing your adjusted gross income, or AGI, and more specifically some year-end strategies for doing so. Recall we said that planning moves which reduce AGI overall can oftentimes yield better tax results than simply decreasing your taxable income through "below the line" deductions. By the way, it is still not too late ...

Are you age 65 or older? If so, you may have a new tax form available for you to file beginning with the 2020 tax filing season (2019 tax year). A few weeks ago, the Internal Revenue Service (IRS) released a draft of a new tax form they are calling Form 1040-SR, U.S. Tax Return for Seniors. The new form, which is two pages long, will be available to use by the 17 million or ...

As the days get shorter and the nights longer, you realize it is almost the end of the year. The end of the year is a great time to do last minute tax planning to potentially maximize your deductions and minimize your 2019 tax liability. With tax planning, the goal is always to minimize tax.  One method to minimize tax, as a cash basis taxpayer, is to delay the receipt of income until the following ...

It's never too early to think about moves you can make by year's end to help you reduce your adjusted gross income, or AGI, and save on your income taxes. With only a couple of more months and change to go in 2019, this is a perfect time to start the planning. Now, you may be wondering why I'm talking about reducing "adjusted gross income" rather than reducing "taxable income", or TI. This is because ...

This time of year brings many types of "seasons". There is, of course, autumn and its falling leaves. There is football season, deer season, and the holiday season. In some years (election years), they call it "the crazy season". And then there is the much anticipated Medicare open enrollment season! Ok, maybe calling it "much anticipated" is a bit of a stretch (ya think?). But nonetheless, for people on Medicare, it is an important and ...

Having served for several years in a marriage ministry at our local church, I know the importance of having regular date nights with your spouse. Of course, usually we think of these in terms of doing something that is fun, romantic or interesting. But occasionally it is also a good opportunity to have meaningful discussions about important topics. I find that often times, couples who are getting reasonably close to their retirement years have not ...