Carlson Capital Management

Integrated Wealth Management

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    • Who We AreFirmly grounded in foundational values, and intensely focused on each client’s well-being, Carlson Capital Management has been redefining partnership for more than thirty years.
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    • Client ProfileOur clients are individuals, families, businesses and foundations with many varying goals and situations, but one thing in common – the need and desire for integrated solutions.
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    • Integrated Wealth ManagementOur Integrated Wealth Management approach surrounds clients with a team who apply their expertise to integrate all of the financial disciplines.
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Tax News of Note

Kevin Koski
Kevin Koski, CPA

Principal Tax Advisor
651.319.8067
651.438.9818 (Fax)
Email Kevin

Professional Biography
Kevin Koski serves as Principal Tax Advisor at Carlson Capital Management and with CCM Tax & Trust Administration, a wholly-owned affiliate of Carlson Capital Management. Kevin works closely with the advisory team to deliver clients fully integrated wealth management services, lending his experience to proactive tax-related planning. As a senior member of the Tax Team, Kevin plays a lead role and helps to oversee the preparation, review, and completion of individual and trust tax returns and tax projections. Kevin participates in client meetings and serves as a tax resource for clients, both individually and collaboratively with other advisors, to develop customized recommendations.

Kevin came to CCM with strong expertise having worked with clients at a St. Paul CPA firm for 15 years. In his role there, Kevin provided leadership and direction for the firm’s tax services practice, and advised clients on income and estate tax matters. Kevin was also an advisor on general financial planning topics such as stock option analysis, charitable planning, and gifting strategies for high-net-worth individuals and families. Kevin is a member of the American Institute of Certified Public Accountants and the Minnesota Society of CPAs.

Kevin grew up in Virginia, Minnesota and is a graduate of the University of Minnesota-Duluth, where he earned his bachelor’s degree in accounting. Shortly following graduation, Kevin earned his Certified Public Accountant (CPA) status. Outside of work, Kevin has three children and enjoys volunteering as a coach and assistant with their athletic teams. Kevin and his family reside in South Minneapolis.

Kevin and other members of the CCM Tax Team regularly post articles of interest on tax planning topics which you can find here.

Kevin Koski
Kevin Koski, CPA
Principal Tax Advisor

There’s no question that the 2020 tax season has been unlike any other with deadlines shifting, new policies being introduced, and emergency funding all unfolding over just a matter of weeks. We will continue to provide updates as frequently as necessary to keep you informed of the ever- changing landscape. Below are some of the most important pieces we’re tracking:

Tax Filing Dates

The IRS has delayed the filing of 2019 federal tax returns and payments with an original due date of April 1 or later until July 15, 2020. The due date for 2020 first and second quarter estimated federal tax payments has also been delayed until July 15, 2020.

Economic Impact Payments

As of April 13, the IRS started the several-week process of sending out stimulus payments, while launching an online application where you can check on the status of your payment: https://www.irs.gov/coronavirus/
get-my-payment
. On this site, you can update bank account and mailing address information to speed up the process of receiving your payment. Note: Please be sure to access the official site at irs.gov to avoid being a victim of fraud.

Those not required to file a tax return in 2018 or 2019 can also access the online application to establish eligibility for a payment. Non-filer recipients of Social Security or Railroad Retirement Benefits do not need to use the tool to establish eligibility, but they can use the tool to check on the status of their payment.

College Refunds and 529 Plan Distributions

If you have received a refund of college tuition, housing, meal plans, or any other qualified educational expense which was originally paid out of a 529 plan account, you can re-contribute the funds back into the 529 plan by the latter of July 15, 2020, or 60 days following receipt of the refund. If you do not re-contribute the refunded amount, income taxes and penalties will be due on the earnings portion of the distribution.

Waiver of 2020 Required Minimum Distributions and Roth IRA Conversion Opportunities

Required retirement account distributions have been waived for 2020. The deadline to complete 60-day rollovers for distributions received after February 1, 2020, is extended to July 15, 2020.

The waiver of required distributions will create an opportunity for many to consider a Roth IRA conversion to optimize the use of tax brackets, while also taking advantage of current investment market conditions. A Roth IRA conversion will be taxed as ordinary income in the year of conversion, but all future earnings and growth on the converted amount will be tax free.

Payroll Protection Program Loan Updates

The Payroll Protection Program loan (PPP), offering forgivable loans to small businesses and the self-employed, has been immensely popular and ran out of funding on April 16, 2020. A bi-partisan group of Congressional and Administration leaders is working to finalize an agreement to add new funding. If it passes, it is important to act quickly as the loans are oftentimes offered on a first-come, first-served basis.

If you have any questions about any of the updates provided above or any program that is announced in the future, please reach out to us to schedule a conversation.

Related content: Highlights of the CARES Act

NOTE: The information provided in this article is intended for clients of Carlson Capital Management. We recommend that individuals consult with a professional adviser familiar with their particular situation for advice concerning specific investment, accounting, tax, and legal matters before taking any action.

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Published April 24, 2020 Topics: 529 Plans, Tax Planning

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