According to the Treasury Department, more than 159 million individuals have already received their Economic Impact Payments; however, a recent audit found that the IRS sent $1.4 billion in stimulus checks to deceased individuals. As such, many people may have received a payment for a deceased family member or another taxpayer who is not eligible […]
With the federal tax deadline just weeks away, taxpayers who owe money (including those who may owe estimated and other business taxes) should know about these six options for quick and easy electronic payments:Taxpayers who owe a 2019 income tax liability, as well as estimated tax for 2020, must make two separate payments on or […]
If you live or work outside the United States, you generally must file and pay your tax in the same way as people living in the U.S. This includes people with dual citizenship. Due to the coronavirus pandemic, people who live and work abroad have until Wednesday, July 15, 2020, to file their 2019 federal […]
At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources.Unfortunately, many business owners fall victim to several common, […]
With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, for most people – especially those of pre-retirement age – this is unrealistic. Instead, it’s better to start by focusing on managing debt. When you handle debt wisely, […]
June 10Employees who work for tips – If you received $20 or more in tips during May, report them to your employer. You can use Form 4070.June 15Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May.Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, […]
In just a few short months, COVID-19 has transformed the entire U.S. small business landscape. Companies are struggling to stay afloat and everyone is eager to get back to “normal.” Unfortunately, it’s unclear when that will happen and during these uncertain times, you may need as much help as you can get.One of the ways […]
Temporary changes to Section 125 cafeteria plans due to the coronavirus pandemic allow flexibility for taxpayers participating in cafeteria plans. These changes include extending the claims period for health flexible spending arrangements (FSAs) and dependent care assistance programs and allow taxpayers to make mid-year changes.Specifically, these temporary changes for taxpayers include:extending claims periods for taxpayers […]
When you sell a capital asset such as a home, household furnishings, and stocks and bonds held in a personal account, the difference between the amount you paid for the asset and its sales price is known as a capital gain or capital loss. Here are ten facts you should know about how gains and […]
The Tax Cuts and Jobs Act (TCJA) prohibits individual taxpayers from claiming miscellaneous itemized deductions for any taxable year beginning after December 31, 2017, and before January 1, 2026. However, proposed guidance has recently been issued clarifying that certain deductions of estates and non-grantor trusts are not miscellaneous itemized deductions and are allowable in figuring […]