The IRS recently announced the launch of web sites for non-tax filers to register to receive their economic impact payment and a new Get My Payment tool. Here is what you need to know. Background As a response to the coronavirus pandemic, the government is sending $1,200...
In addition to filing delays and stimulus payments, the IRS is implementing many changes in response to the coronavirus pandemic. Here are some of the major topics that could affect you and your family. Early distribution penalty waived The 10% early distribution penalty on up to $100,000...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act recently signed into law provides a one-time payment, among other items, to individuals to help ease the economic strain caused by the coronavirus epidemic. Here are the details of the stimulus payment initiative. Who qualifies to receive a...
The Families First Coronavirus Response Act is a new law passed in late March that offers COVID-19 assistance for both employees and employers. This new law provides businesses with fewer than 500 employees the funds to provide employees with paid leave, either for the employee’s own...
The tax deadlines move from the April 15th tax deadline to July 15th, per U.S. Treasury Secretary Steven Mnuchin. These announcements were made on Tuesday, March 17, 2020 and Friday March 20, 2020 with payment and penalty delays confirmed by an IRS notice. Here is what...
Parents of young children will always have plenty to worry about. New tax legislation passed at the end of 2019 eliminates at least one of these worries. The new law repeals a provision that increased the tax a child had to pay on unearned income. Best...
Tax Form 1095 has been nothing but a headache since its introduction. This federally mandated form adds complexity, creates taxpayer confusion, and cost billions of dollars to produce. The purpose of the form is simple: to relay proof of your health insurance coverage, but too...
Recent legislation makes changes to popular retirement savings plans like IRAs and 401(k)s. Here are the major changes and how you can benefit from the new rules. You now have until age 72 before you MUST take withdrawals from your retirement accounts. How to take advantage: Use these...
Every year is an election year when it comes to making decisions on your annual income tax return. Here are four common examples that can create tax savings opportunities if you elect the correct option. 1. Tax filing status. Typically, filing a joint tax return instead of...
The last couple of years, the IRS has been penalizing late filers of S corporation and partnership tax returns. This despite the fact that late filing of the tax returns (Forms 1120S and 1065), due March 15th, often does not impact the receipt of the...
