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The Internal Revenue Service announced that the nation’s tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.
Speed Tax Refunds During the Pandemic Read More »
The Internal Revenue Service is reminding taxpayers that organizing tax records is an important first step for getting ready to prepare and file their 2020 tax return.
Gather Tax Documents Now for Smooth Filing Later Read More »
Starting tax year 2020, any business that pays at least $600 for services performed by a person who is not their employee is required to file the new Form 1099-NEC. Previously, nonemployee compensation was reported in Box 7 on Form 1099-MISC.
New 1099-NEC Nonemployee Compensation Read More »
Victims of Hurricane Sally that began on Sept. 14 now have until Jan. 15, 2021 to file various individual and business tax returns and make tax payments.
IRS Provides Tax Relief for Victims of Hurricane Sally Read More »
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.
IRS Reminds Taxpayers of the Home Office Deduction Rules 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 »
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 »