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The Internal Revenue Service is mailing all recipients of Economic Impact Payments an IRS Notice 1444. The IRS Notice 1444 provides taxpayers key information about their payment including: the amount of their payment, how the payment was made, and how to report any payment that wasn’t received. If you’ve already received your economic impact payment, you’ve …
Due to COVID, the IRS changed the tax deadline to July 15, 2020. This was an automatic 3 month extension to file 2019 tax returns and pay the 2019 tax. This is among other tax actions normally due on April 15. Now that July 15th is approaching, please realize it’s not just the deadline for …
The global COVID-19 pandemic has presented significant challenges for American citizens. From both a health standpoint and a financial perspective. Individuals are looking for ways to reduce the financial impact of layoffs experienced since the shutdown of the economy. In an effort to relieve some of this burden, the IRS introduced the People First Initiative on March …
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 …
The ongoing COVID-19 pandemic has created significant challenges for small and large businesses alike around the world. However, there are also some positive changes taking place. These new post-pandemic trends and behaviors may end up being better for small business everywhere. In fact, there are a few core trends that are major opportunities. Opportunities just …
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? 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 …
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 …
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 …
