There is no doubt that the IRS delays due to COVID-19 is causing considerable taxpayer stress. Before the COVID-19 pandemic, the IRS was issuing refunds and working through returns relatively quickly. They consistently responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused …
Taxes
Did You Get A Letter From The IRS? Don’t Panic.
If you recently received a letter from the IRS – don’t panic. While the dream of finding an IRS refund check in the mailbox is over now that most tax refunds are deposited directly into taxpayers’ bank accounts, IRS correspondence by mail is still flourishing. Since the IRS does the majority of auditing through correspondence, …
2020 Tax Filing Deadlines Are Rapidly Approaching
2020 tax filing deadlines are right around the corner! A reminder for those who have not yet filed their federal tax return that now is the time! May 17, 2021 is the new due date to file your return and pay any taxes owed. Or you must file for the automatic extension and pay the …
IRS Extends Individual Tax Return Filing Date
The IRS announced they are extending the tax return filing date for 2020 individual tax returns from April 15, 2021, to May 17, 2021. This was meant to be a one-month extension, but since May 15 fell on Saturday it was extended to the next business day which is May 17, 2021. This extension only applies to individual 1040 and …
Tax Court Decision Holds Potential Impact for Travel Deductions
Travel Deductions are not so cut and dried as you many think. A recent tax court decision holds potential impact for travel deductions. There are many professions that require employees to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by …
Tax Court Decision Holds Potential Impact for Travel DeductionsRead More
What Happens If I Missed the Tax Deadline this October 15th?
If you missed the tax deadline – know that you’re not alone. We’ve all been there. Life is super busy. We have to take care of our families and friends, work obligations, and all our other everyday responsibilities. With all of the hustle and bustle, that October 15th tax extension deadline passed. And darn it, …
What Happens If I Missed the Tax Deadline this October 15th?Read More
Tax Consequences of Losing Your Job
The tax consequences of losing your job can be overwhelming at an already stressful time. However, knowing what those tax issues are, regardless of how many issues are involved, is key. How you react can profoundly impact your taxes and finances. The following are typical issues related to taxes and loss of employment: Tax Consequences …
Still Waiting for The IRS To Cash Your Check?
If you are still waiting for the IRS to cash your check – you are not alone. During the COVID-19 pandemic, the IRS has furloughed many of its employees, or had them work from home to mitigate the spread of the virus. Many IRS offices remained shuttered for months. A backlog of millions of pieces …
Video: Do You Know That Unemployment Benefits Are Taxable?
Many people are unaware that the unemployment benefits received from federal and state benefits are taxable, leading to a potentially unpleasant outcome on your 2020 tax return. Watch the video below to learn more.
Video: Do You Know That Unemployment Benefits Are Taxable?Read More
