If you are receiving a 1099 G - Unemployment compensation or any other income documents that are not applicable to yourself, you might be impacted by identity theft. You should contact The payer or entity that released the 1099 G or other income form to issue a corrected one so you do not have to
The ITIN (Individual Tax Identification Number) is a tax processing number only available for certain nonresident and resident aliens, their spouses, and dependents who cannot get a Social Security Number (SSN). It is a 9-digit number, beginning with the number "9", formatted like an SSN (NNN-NN-NNNN). To obtain the ITIN number, you need an appropriate
The IRS shared this morning Tax Tip 2021-07 - All taxpayers are now eligible for identity protection PINs. The Identity Protection PIN is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayers' personally identifiable information. Here are a few
The IRS is reminding the taxpayers that unemployment is subject to taxes. Remember unemployment compensation is taxable Millions of Americans received unemployment compensation in 2020, many of them for the first time. This compensation is taxable and must be included as gross income on their tax return. Taxpayers can expect to receive a Form 1099-G showing their unemployment
WASHINGTON ― The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns. The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems
As part of the GPHCC's technical assistance on demand, Victor Garrido, CPA, EA, made a video presentation on "Preparing for year end taxes" in November 2020. The New Jersey Small Business Development Center (NJ SBDC) recently shared our webinar focusing on small business taxes and updates related to Beneficial Ownership Interest (BOI). This webinar is
In the last weeks, we noted a significant increase in the notices received by our clients as there seem to be a backlog in the tax authorities. In some cases, the system automatically sends out a notice even if the documents and support was already provided to the tax authorities almost a year ago. Address
On Saturday, President Trump signed an executive order aimed at partially extending the $600 per week federal unemployment benefits that expired in July as part of the CARES Act. The Federal unemployment will be $400, which is funded from the nation's Disaster Relief Fund (44 billions). The executive order also established that 75% will be covered
Democrats and Republicans have been in talks about the fourth and final stimulus relief package. Back in May, the House Democrats approved the HEROES Act but that bill was thrown out by the Republican-controlled Senate and President Donald Trump as Republicans supported the HEALS Act. Now, there is a new proposal for a $1,000 one time
We have been informing some of our client to be aware that unemployment is taxable. Otherwise, you can get an unpleasant surprise in next year's taxes. Any State or Federal unemployment received will be taxable and you should received a 1099 - G (Certain Government Payments) tax form in the mail. You will owe taxes
