Knowing what to file and when to file it can make all the difference to the IRS. Talk to VEB CPA.
Taxpayers may now use a five-year carryback for net operating losses (NOLs) arising in tax years beginning in 2018, 2019, and 2020, compliments of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). In response, new IRS guidance: Extends the deadline for filing tentative refund claims for NOLs arising in 2018 tax years […]
Claim the Five-Year NOL Carryback Under the CARES Act Read More »
Deferring Capital Gain with QOF Investments QOF investments offer taxpayers immediate tax savings—but more importantly, they also offer potentially extraordinary savings to long-term investors.
Reporting QOF Investments Read More »
The Internal Revenue Service reminds employers and other businesses that wage statements and independent contractor forms have a Jan. 31 filing deadline.
Deadline for Employer Wage Statements Read More »
The Internal Revenue Service said today that the Taxpayer First Act, enacted July 1, requires tax exempt organizations to electronically file information returns and related forms. The new law affects tax exempt organizations in tax years beginning after July 1, 2019.
Tax Exempt Organizations File e-file Forms Read More »
Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray qualified expenses they paid in 2019 when they file their tax return in 2020.
What Teachers Should Know About Deducting Out-of-Pocket Classroom Expenses Read More »
When a taxpayer files their tax return, they need to know their filing status. What folks should remember is that a taxpayer’s status could change during the year. So, any time is a good a time for a taxpayer to learn about the different filing statuses and which one is best for them.
Know Your Filing Status Read More »
Historically, taxpayers had to submit a private letter ruling request for a waiver if they missed the 60-day rollover deadline for IRAs or retirement plans, but today taxpayers can take the easier route of self-certification that they qualify for a hardship waiver.
Self Certifying Hardship When Missing IRA 60 Day Rollover Window Read More »
The Internal Revenue Service issued guidance providing additional details about investment in qualified opportunity zones. The proposed regulations allow the deferral of all or part of a gain that is invested into a Qualified Opportunity Fund (QO Fund) that would otherwise be includible in income.
Deferral of Gains for Investments in a Qualified Opportunity Fund Read More »
Anyone else can request an automatic extension Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service.
Some People Get More Time to File Without Asking Read More »
The IRS set the maximum values that limit use of the cents-per-mile and fleet-average valuation rules for employer-provided vehicles first made available to employees for personal use in calendar year 2018.
2018 Maximums for Valuing an Employer-Provided Vehicle Personal Use Read More »