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), …
Happy National Internship Day! As we continue to navigate the ever-changing impacts and guidelines surrounding COVID-19, one thing is for certain: technology can make or break the success of a business operating in today’s virtual work environment. If you are like me, learning how to operate new technology can be overwhelming and stressful at first. …
Continued from IRS Updates “Dirty Dozen” Tax Schemes for 2020 (Part 1) Scams targeting non-English speakers: Recent immigrants are often vulnerable to telephone calls claiming to be from the IRS that threaten jail time, deportation, license revocation and other consequences unless financial information is given. Groups with limited English proficiency are often a hot target …
We all know taxes can be complicated, which is why they are a huge target for scammers. Here are the first six of 12 “Dirty Dozen” tax scams to look out for in 2020. Phishing: A scam involving fake emails or websites that aim to steal personal information. To protect yourself from this scam, the …
Rarely are the words “I really enjoyed working with the Internal Revenue Service to resolve that issue” spoken. Dealing with the Internal Revenue Service can be an intimidating and frustrating experience. The Taxpayer Advocate Service is available to help you navigate problem resolution with the IRS. As part of the IRS Restructuring and Reform Act …