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Taxes
During the shutdown, the IRS generated more than 20 million notices of various types; however, due to the challenges of the ongoing pandemic, the IRS was unable to mail the notices in a timely manner. Therefore, some of them have due dates that have passed. For that reason, if you have received one of these notices...
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The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19 pandemic has wreaked havoc on the economy, as the government’s tax revenues have declined while spending has soared. Although the President has not revealed his tax policies for the future, Joe Biden, his presumptive opponent in November,...
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If you are like most Americans, you receive tons of junk mail, which you tend to discard without ever reading. Well, if you haven’t already received your stimulus payment from the feds, maybe you shouldn’t be so quick to throw away those envelopes from unknown senders, at least until you have received your stimulus payment....
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As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal IRA withdrawals and the decision whether to take advantage of the required minimum distribution suspension for 2020. Let’s look...
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With all the confusion surrounding Paycheck Protection Program (PPP) loans, much time and talk has been spent in the past couple of months in dealing with the forgiveness piece of the puzzle, and we now have some concrete answers. Congress, on Wednesday, passed the Paycheck Protection Program Flexibility Act (PPPFA), which incorporates some much-needed changes...
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Now that you have gotten a Paycheck Protection Program (PPP) loan , it’s time to start planning how to spend the loan proceeds so some portion of the loan will be forgiven. As the loan title implies, the purpose of the loans is to enable employers to keep their employees on staff and maintain their...
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The IRS has already sent out 80 million stimulus payments to taxpayers that included their direct deposit information on their most recently filed 2019 or 2018 return. So, if you had filed either your 2019 or 2018 return before the direct deposits were issued, you should already have the money in the bank, UNLESS: You...
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To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress has provided a refundable employer retention credit available to all qualifying employers regardless of size, including tax-exempt organizations. To qualify for the credit, employers must fall into one of two categories: Business Operations Curtailed: Eligible employers were carrying out a trade...
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The IRS is planning to create a new, online portal called “Where’s My Economic Impact Payment” where people can obtain details about their payment from the economic stimulus package and also provide their banking information. Background After the CARES Act passed through Congress, Treasury and the IRS had estimated there would be 171 million rebate...
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In addition to the stimulus payments discussed earlier, the CARES Act has some other tax provisions that individuals may be able to take advantage of, if only temporarily. What follows is a brief discussion of each of the individual tax changes contained in the new law: Waiver of 10% early distribution penalty from Qualified Plans...
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