As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities. Specifically for those who have traditional IRA accounts. These range from IRA conversions, to retirees making larger-than-normal IRA withdrawals. Also the decision whether to take advantage of the required minimum distribution (RMD) suspension for 2020. Let’s look at …
Tax Central
Did You Overlook Something on A Prior Tax Return?
It is very common to discover that an item of income was overlooked on a tax return. Perhaps a deduction was not claimed, or an amended tax document was received after the tax return was already filed. Regardless of the results (a tax penalty or a refund), if you overlook something on a prior tax …
Trying to Cheat the IRS? Here’s What Could Happen…
Trying to cheat the IRS? You may want to rethink your plan. Some refer to it as “creative accounting” or just “a little fudging here and there”, but don’t dumb it down. Plain and simple, it’s cheating. If your tax return is missing income that should have been reported you are the one who is …
What the Employee Retention Credit Means to You – A Video
Congress has authorized an employee retention credit. Watch the video below to learn what the Employee Retention Credit means to you. Employers eligible for the Employee Retention Credit are generally those whose trade or business has been affected by COVID. If your business was curtailed as a result of the COVID-19 outbreak, you may be …
What the Employee Retention Credit Means to You – A VideoRead More
When Will I Get My Stimulus Payment?
The IRS has already sent out 80 million stimulus payments to taxpayers, These went to tax payers that included their direct deposit information on their most recently filed 2019 or 2018 return. So, if you had filed either your 2019 or 2018 return before the direct deposits were issued, you should already have the money …
What is the Paycheck Protection Program and Health Care Enhancement Act?
President Trump has signed the Paycheck Protection Program and Health Care Enhancement Act (PPP & HCE Act). This Act, a $484 billion package was passed by both the Senate and the House on April 20, 2020. PPP & The CARES Act Following the passage of the $2.2 trillion CARES Act stimulus package at the end of March, …
What is the Paycheck Protection Program and Health Care Enhancement Act?Read More
Did You Take Your 2020 Required Minimum Distributions (RMD) Too Soon?
As part of the CARES Act, the requirement for taxpayers to take required minimum distributions (RMDs) has been waived. This is due to the drop in value for most investments as a result of the economic effects of COVID-19. What are Required Minimum Distributions (RMD) RMDs are required distributions from qualified retirement plans. They are …
Did You Take Your 2020 Required Minimum Distributions (RMD) Too Soon?Read More
Economic Impact Payments Are here – Did You Get Your Recovery Rebate; Was It Correct?
The IRS is now releasing those much anticipated Economic Impact Payments, aka “Recovery Rebates”. But not everyone who was expecting one has received theirs. For some taxpayers, the amount may not be what was expected. Here are some reasons you may not have received your recovery rebate and ways to correct it. Reasons why you …
Economic Impact Payments Are here – Did You Get Your Recovery Rebate; Was It Correct?Read More
The IRS Provides Online Tool for Stimulus Payments (or Recovery Rebates)
The IRS has launched a new, free, and easy-to-use online tool that enables non-filers to access their stimlus payments. Non-filers are those who don’t normally file a tax return. This online tool is for individuals who haven’t filed because they have too little income to file. The tool will allow them to register for Economic Impact Payments …
The IRS Provides Online Tool for Stimulus Payments (or Recovery Rebates)Read More
