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Legislation signed in March allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for […]
IRS Has Additional Requirements for Large Cash Payments
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. Although […]
Biden’s Stimulus Bill Rewrites 2020 Tax Rules During Tax Season
A new stimulus bill is passing through congress and looks to be on the President’s desk imminently. The bill is unique for many reasons, one of which is that it […]
What To Know About S-Corp Returns
An S corporation is a “pass-through” entity — profits and losses from the corporation are reported on the tax returns of individual shareholders who also are responsible for paying S […]
Death doesn’t cancel one final responsibility: paying income taxes. A decedent’s executor must file one last income tax return for the deceased if the deceased’s income surpassed a certain threshold. […]
Head of Household Filing: Who is Eligible
The Head of Household filing status allowed by the IRS is the most advantageous filing status for a single taxpayer. Numerous rules apply to qualify, but if you do, it […]
When you sell a capital asset — property owned and used for personal or investment purposes — the sale will result in either a capital gain or a capital loss. […]
IRS Updates Form 941 To Reflect COVID-19 Tax Credits
The IRS has revised Form 941, Employer’s Quarterly Federal Tax Return, to accommodate COVID-19-related employment tax credits granted under the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, […]
The IRS Now Offers an Identity Protection Pin
The IRS can now give eligible taxpayers an “IP PIN,” a six-digit code to help prevent the misuse of Social Security numbers on fraudulent federal income tax returns. As the […]
When to Expect Your Tax Refund and What Can Delay It
In a recent statement, the IRS noted that most taxpayers are issued refunds by the IRS in fewer than 21 days. However, a number of factors can delay the refund […]
IRS Publishes Inflation Adjustments for 2020
As it typically does, the IRS has made inflation adjustments for various tax items for the coming year — 2020. More details can be found in Rev. Proc. 2019-44. Below are […]
What Is the EITC – and Does It Affect You?
Although the tax reform passed late in 2017 seemed to change everything, it actually had little effect on the Earned Income Tax Credit (EITC). But the credit is still complicated, […]