You, like many other taxpayers in the US, may have received a letter from the IRS after receiving your economic impact stimulus payment. Your first reaction when seeing the unopened letter is OMG … what did I do wrong?!! Your second reaction after opening the letter is what do I do with this?! Don’t miss: …
If you have dabbled in the realm of international taxes and reporting, then you may know that failing to file certain forms can lead to hefty fines. Failing to file FinCEN Form 114: Report of Foreign Bank & Financial Accounts (known as the “FBAR”) can carry a civil penalty of up to $10,000 for each …
After President Trump declared a state of emergency due to COVID-19 in mid-March, there were 45 million new unemployment claims filed in the three months that followed. For many of the people receiving unemployment compensation, this is all new territory. If you find yourself in this situation, it is important to understand that these payments …
When Congress passed the CARES Act into law back in March of this year, approximately 85% of US households expected to receive a check. Most recipients should have received $1,200 per adult and $500 per dependent child, with a reduction taking place for individuals with an adjusted gross income over $75,000 and married couples filing …
The IRS has just announced that they are temporarily allowing taxpayers to submit the second/duplicate copy of the Form 3115 via fax instead of mail. This new procedure started on July 31, 2020 and is in effect until further notice. Don’t miss: Reporting excess deductions when terminating an estate or trust As in the past, …
In May of 2020 the IRS issued long-awaited proposed regulations to give us guidance on how to determine the character, amount and allocation of deductions passed on to a beneficiary of an estate or trust at the time of its termination. These regulations detailed that any excess deduction on termination of an estate or trust …
On August 8, President Donald Trump signed three Memoranda and one Executive Order in response to the growing need for additional economic aid amidst the Coronavirus Pandemic and resulting economic stress. In addition to extending unemployment benefits at a reduced rate, extending the Federal ban on evictions, and additional deferral of student loan payments, the …
During this world pandemic, we have all faced new challenges and may have taken a pay cut or lost a source of income. For some this is viewed as being negative, however there may be a positive light for having lower income this year. Don’t miss: Proposed regulations could make reporting easier for small business …
While it may feel, given the current state of the world, that it’s been about 15 years since the groundbreaking TCJA passed, in all reality it has been just shy of three years. In terms of tax law that makes it still just a baby, in need of several regulations and clarifications from the already-overloaded …
Have you been impacted financially due to the COVID-19 pandemic? Part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was passed back in March allows eligible taxpayers to withdraw up to $100,000 from certain retirement plans with favorable tax treatment. According to a recent IRS news release, this relief includes IRAs, 401(k), …
The new revenue recognition standard takes effect for most private companies in 2019, but you can’t wait until then to learn about this. Download our new e-Book now.
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