Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.
The Internal Revenue Service reminds business owners and self-employed individuals of the employer credits available to them during COVID-19. These credits were specially created to help small business owners during this unprecedented time.
IRS Highlights Employer Credits for Businesses Read More »
This week the Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving refunds.
13.9M Americans to Receive IRS Tax Refund Interest Read More »
With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal income tax return next year.
Unemployment Compensation Is Taxable Read More »
The Internal Revenue Service reminds people to create or maintain an emergency preparedness plan. A well-thought-out plan is a critical component for surviving natural disasters. Taxpayers, whether individuals, organizations or businesses, should take time now to create or update their emergency plans. A solid plan includes securing and duplicating essential documents, creating lists of property
IRS Reminds People to Prepare for Natural Disasters Read More »
The Internal Revenue Service reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until Aug. 31 to rollover or repay the distribution to avoid paying taxes.
Deadline to Return Distributions to Retirement Accounts Aug. 31 Read More »
The Internal Revenue Service issued a temporary regulation and a proposed regulation to reconcile advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary. The regulations authorize the assessment of erroneous refunds of the credits paid under both the Families First Coronavirus Response Act (Families First Act) and Coronavirus
Recapturing Excess Employment Tax Credits Read More »
School may look a little different this year, but eligible teachers and other educators can still deduct certain unreimbursed expenses on their tax return next year. Who is considered an eligible educator The taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide. They must also work at least 900 hours
Teachers: School Expenses Might Be Tax Deductible Read More »
People whose adverse financial consequences count for getting a coronavirus-related distribution now include spouses and other household members. The IRS has also clarified with lots of examples the thorny intersection between recontributions, taxes, and amended returns. The new IRS guidance presents the rules set out in Act Sec. 2202 of the Coronavirus Aid, Relief, and
Coronavirus Distributions and Adverse Financial Consequences Read More »
The Coronavirus Aid, Relief and Economic Security (CARES) Act was intended to provide relief in response to the COVID-19 (Coronavirus) crisis. However, some non-COVID related items were also buried in the bill. These include temporary and permanent changes to:
Coronavirus Insurance and Coverage Changes for HDHPs, HSAs, FSAs and HRAs Read More »
SECURE Act, CARES Act & IRS COVID-19 responses impact many taxpayers Many legislative and regulatory changes enacted in the past several months directly impact qualified retirement plans and are most helpful to many taxpayers but not all.
New Legislative & Regulatory Changes Affect Retirement Planning Read More »