As Americans and global citizens, we are living in unprecedented times with the onset of coronavirus (COVID-19) around the world. As we work together to move through these difficult times together, the IRS has provided some tax relief provisions for affected taxpayers. Let's take a look at what's being offered.Extended Due Date to File and [...]
Article Highlights: Direct Deposit Stimulus PaymentsReasons You May Not Be Receiving a Stimulus PaymentStimulus Payment Phase-OutPayment Schedule by CheckNon-Filers The IRS has already sent out 80 million stimulus payments to taxpayers that included their direct deposit information on their most recently filed 2019 or 2018 return. So, if you had filed either your 2019 or [...]
If you’re a small business owner struggling financially due to the COVID-19 outbreak, there is help available. The SBA is offering Economic Injury Disaster Loans of up to $2 million – here are answers to the FAQs. Q. How much funding can I get? Small businesses that need support through the disaster recovery period can [...]
The U.S. Small Business Administration (SBA) has never faced a challenge like the COVID-19 outbreak, but they’re stepping up to help small business owners who are suffering financially during these uncertain times. The SBA’s mission is "to maintain and strengthen the nation's economy by enabling the establishment and viability of small businesses and by assisting [...]
The COVID-19 outbreak is affecting every facet of our lives – including our taxes. Check here for all your FAQ to see how you may be impacted. Q: Has the government extended the filing deadline? A: Yes, the federal government has extended the April 15 filing deadline for 2019 tax returns to July 15, 2020. [...]
Article Highlights: Potential CreditEligible EmployeesCredit DeterminationCertification ProcessOther Issues On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes [...]
"Best practices" are recommendations for the most effective way to get things done. Are you following standard procedures in QuickBooks Online? Habits can be good things when you're talking about getting through the workday successfully. You might have developed a habit of responding to emails quickly and preparing checklists before you go into meetings. Maybe [...]
March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA taxes and income tax withholding [...]
Article Highlights: Appropriations Act of 2020Residential Energy (Efficient) Property CreditLifetime CreditCredit LimitsQualifying PropertyPer Item Credit LimitsBasis AdjustmentRetroactive Application On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, [...]
Article Highlights: Appropriations Act of 2020History of the DeductionOther Education Expense BenefitsWhich Tax Break Provides the Best Benefit On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, among them retroactive extension of certain tax provisions that expired after 2017 or were about [...]
