For many people, maybe you, preparing a tax return is like a foreign language. Luckily for you, you can always have a tax professional prepare your tax return for you. It can be hard to distinguish what your tax professional needs to complete your return between all the statements, documents and other miscellaneous items you …
I received an email from the Internal Revenue Service – no, really, it is legitimate. It wasn’t a scam trying to get my personal information – I have actually signed up for these emails directly on IRS.gov. There is this page where you can subscribe to emails – turns out that some of them are …
Notice CP21C has been sent to more than 109,000 taxpayers by the IRS to notify them that their Economic Impact Payment (EIP) was being “offset”. Don’t miss: Who pays the deceased’s taxes? The notice contains the following error: “We applied a credit to your 2007 tax account due to new legislation. We used (offset) all …
When a person dies, you might be wondering who is responsible for paying his or her taxes. Generally, the person’s estate or trust is responsible for those liabilities and pays them before making distributions to the beneficiaries. In situations where the liabilities exceed the assets (i.e. insolvent), state law governs which creditors get paid first. …
Another new change is coming for the 2020 tax season. Nearly 70% of filers in 2019 who reported income in Box 7 (nonemployee compensation) of Form 1099-MISC will now be using the new Form 1099-NEC to report nonemployee compensation! Don’t miss: Closing down a sole proprietorship The IRS decided to make this change effective for …
Unfortunately, due to Covid-19, a lot of individuals have had to make the difficult decision to close their businesses. Closing a sole proprietorship legally has several steps and boxes to check to make sure the business is permanently closed. Here are the steps the IRS has laid out to help you close your sole proprietorship. …
As the amount of available data stored by businesses and individuals continues to grow so does the risk that the data can be accessed by unauthorized individuals. Below is a list of tips to help a business or individual keep their data secure. Don’t miss: IRS transcripts masked for identity protection Antivirus Software – Antivirus …
Are you invested in a partnership that provides you with an enormous number of documents attached to the K-1? Well the recent form changes are meant to extract some of the long narratives to describe the type of foreign income items being allocated to you and streamline such disclosures to specific Schedules on the K-1. …
If you have ever filed an amended tax return in the past, you know a paper tax return was required since amended tax returns could not be filed electronically. Good News! If you need to amend your 2019 Form 1040 and 1040-SR, the IRS says you can file your amended tax return (1040-X) electronically at …
In early 2020, the CARES Act dropped the required minimum distribution (RMD) requirement for year 2020. However, if you received a RMD from your retirement account in prior years, you may realize that life expectancy tables are used to calculate your annual RMD amount. Don’t miss: IRS transcripts masked for identity protection To calculate an …
Do you qualify for the Employee Retention Credit? How about a Paycheck Protection Loan? Looking for all COVID tax related information? We have you covered!
Get the flow charts and e-Book today!