A Surprise Refund Opportunity? Millions of Taxpayers May Be Owed COVID-Era Penalty Refunds

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The pandemic disrupted… well, everything. Business operations. Filing deadlines. IRS processing. Even the way taxpayers interacted with the government changed almost overnight. Now, years later, a federal court case is reopening a question…

Reminder: Claims For Recovery Rebate Credit About to Expire

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Article Highlights: COVID 2020 Economic Impact Payments Recovery Rebate Credit Credit Refund Is About to Expire $1,200 for Single Taxpayer and $2,400 for Married Couples plus $500 for Dependents. How To Claim the Credit if Not…

Post-Pandemic Savings Burning a Hole in Your Pocket?

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Not to overstate the obvious, but the last 18 months have seen major modifications in the ways that most Americans spent their money. Without the ability to visit department stores, malls, and big-box stores, retail therapy was significantly…

The IRS is Resuming Collection & Enforcement Activities That Were Paused During COVID-19

The IRS is reporting that it is resuming “certain collection and enforcement processes that had been suspended because of the coronavirus pandemic.”  On June 15, 2021, this process kicked off as the IRS started contacting taxpayers who…
Are Your Unemployment Benefits Taxable?

Are Your Unemployment Benefits Taxable?

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Article Highlights: CARES and COVID Tax Relief Acts Unemployment Benefits American Rescue Plan Tax-Exempt Portion of Unemployment Bogus Forms 1099-G Kiddie Tax and Unemployment States’ Taxation of Unemployment   With…
Unemployment Fraudsters May Create a Tax Nightmare for Unsuspecting Taxpayers

Unemployment Fraudsters May Create a Tax Nightmare for Unsuspecting Taxpayers

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As if this past year with all of its pandemic perils has not been stressful enough, the Office of the Inspector General for the Department of Labor has just added to our anxieties by announcing that at least at least $36 billion and possibly…
IRS to Automatically Adjust Prior Filed 2020 Returns with Unemployment Income

IRS to Automatically Adjust Prior Filed 2020 Returns with Unemployment Income

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Article Highlights Prior Filed Returns with Unemployment Income American Rescue Plan’s $10,200 Exclusion IRS Automatic Adjustment Refund Application When an Amended Return Might Be Required The IRS announced on March 31,…
April-May 2021Tax Due Dates

April 2021 Tax Due Dates

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April 2021 Individual Due Dates April 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them to your employer on IRS Form 4070 no later than…
It’s Official! Another Round of Stimulus Payments Approved by Congress

It’s Official! Another Round of Stimulus Payments Approved by Congress

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Article Highlights: Economic Impact Payments High-Income Taxpayer Phaseout Reconciliation Dependents Decedents Social Security Number Requirements Non-Filers IRS Information Sites The American Rescue Plan Act has…
Mom-and-Pop-Businesses-Move-to-Front-of-the-Line-for-PPP-Loans

Mom & Pop Businesses Move to Front of the Line for PPP Loans

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Article Highlights: 14-Day Exclusive Application Period for Small Businesses and Nonprofits Limited to 19 Employees Loans Based on Gross Income Rather than Wages Certain Restrictions Removed At the direction of the White House…