Category: Tax
IRS reminds businesses to report large cash transactions; e-file encouraged
The Internal Revenue Service today reminds businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms. To help businesses prepare and file reports, the IRS created...
IRS CP59 Notices Possibly Sent in Error to Taxpayers
Earlier this month, the IRS issued notices to approximately 260,000 taxpayers stating they haven't filed their 2019 federal tax return. These notices, referred to as CP59 notices , are issued yearly to identified taxpayers who have failed to file tax...
Qualified disaster relief payments can be used for employees’ COVID-19 pandemic expenses
The past year has seen an unprecedented number of formerly office-bound employees reclassify as work-from-home. For some, this change will be temporary, but employers who choose to reimburse employees for work-from-home expenses like office supplies and technology upgrades may make...
There’s more than just taxes to consider when choosing a retirement location
If you are nearing retirement age, a move to warmer climates or nearer to relatives might be in your plans. While lists of the "best" places to retire and rankings based on how states tax retirees are plentiful, and can be...
Employee Retention Tax Credit significantly modified and expanded for businesses
The recent Taxpayer Certainty and Disaster Tax Relief Act of 2020, enacted December 27, 2020, amended and extended the Employee Retention Tax Credit (ERTC) under section 2301 of the CARES Act. Two key changes to the ERTC are: 1. The ERTC is...
IRS delays start of 2020 tax filing season to Feb. 12, 2021
The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. It has advised people to file their returns electronically and...
New year is good time to review basic rules surrounding Forms 1099-MISC and W-9
For most businesses, January means the annual completion of Forms 1099-MISC, which makes this a good time to review the basics surrounding this standard reporting procedure. In general, amounts paid in the course of your trade or business to a...
Take five minutes to secure your tax return from identity theft
The IRS has provided a new way taxpayers can help prevent a tax return being filed under their name and SSN. The recently expanded Identity Protection PIN Opt-In Program provides a six-digit code known only to the taxpayer and to the IRS....
$900 COVID-19 Relief Bill offers new help for individuals and businesses
Congress approved a long-awaited and far-reaching $900 billion pandemic rescue package. The bill will include direct payments of up to $600 per adult and dependents (for those making less than $75,000 a year filing single or $150,000 married filing jointly), although there...
IRS Confirms Paycheck Protection Program (PPP) Loan Forgiveness is Taxable in 2020
A recent IRS ruling (Rev Ruling 2020-27) specifies the circumstances of when PPP-funded expenses cannot be deducted. A taxpayer that received a covered loan guaranteed under the PPP and who paid or incurred certain otherwise deductible expenses listed in section 1106(b)...