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IRS extends Economic Impact Payment deadline to Nov. 21 to help non-filers
The Internal Revenue Service announced today that the deadline to register for an Economic Impact Payment (stimulus payment) is now Nov. 21, 2020. This new date will provide an additional five weeks beyond the original deadline. The IRS urges people … Continue reading
Six tips for people starting a new business
Understanding the tax responsibilities that come with starting a business venture can save taxpayers money and help set them up for success. IRS.gov has the resources and answers to help people through the process of starting a new business. Here … Continue reading
IRS reminds taxpayers of the home office deduction rules during Small Business Week
During Small Business Week, Sept. 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. The home … Continue reading
IRS extends Economic Impact Payment registration deadline for non-filers to Nov. 21
The deadline to register for an Economic Impact Payment using the IRS Non-Filers tool has been extended to November 21, 2020. People who don’t normally file a return and have not yet received their stimulus payment are urged to use the tool … Continue reading
John McAfee arrested, indicted on tax evasion charges, sued for fraud
Cybersecurity eccentric, John McAfee, is under arrest in Spain awaiting extradition to the United States after being indicted on federal tax evasion charges. The filing alleges that McAfee deliberately not only avoided paying federal taxes from tax years 2014 through … Continue reading
Oct. 15 deadline nears for taxpayers who requested tax filing extensions
The IRS reminds taxpayers who filed an extension that the October 15 deadline to file is quickly approaching. Taxpayers should file on or before this deadline. Taxpayers are urged to file electronically, request direct deposit for refunds, and pay amounts … Continue reading
IRS highlights employer credits for businesses during Small Business Week
During Small Business Week, the IRS reminds business owners and self-employed individuals of employer credits available during COVID-19. These special credits were created to help small business owners during this unprecedented times. Reach out to your tax professional to see … Continue reading
Payroll Tax Deferral took effect Sept. 1, What does it mean for your paycheck?
President Trump’s payroll tax holiday took effect on September 1. Participating employers can expect heftier responsibilities, while workers who participate in the holiday could see a temporary pay boost this fall and a dip in January. The employees may see … Continue reading
Federal benefit recipients with children have more time to the $500 Stimulus Payment
The IRS has reopened the registration period for individuals who receive Social Security, Supplemental Security Income, Railroad Retirement or veteran’s benefits, but didn’t receive $500 per child earlier this year when they received their own stimulus payment. Federal benefit recipients … Continue reading
Guidance Issued to Implement Presidential Memorandum Deferring Employee Social Security Tax Withholding
The Department of Treasury and the Internal Revenue Service issued guidance on implementing the Presidential Memorandum allowing employers to defer withholding and payment of the employee’s portion of the Social Security taxes if the employee’s wages were below a certain … Continue reading