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Tax deadline for individuals moved to May 17, 2021

The Treasury Department and Internal Revenue Service announced yesterday that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. We assume the State and local authorities might

By |2021-03-18T17:50:48+00:00March 18th, 2021|Categories: Individuals|Tags: , , , |

Unemployment benefits – First $10,200 will not be taxable if earnings under $150k

The American Rescue Plan includes a tax break for unemployed workers for the first $10,200 if the earnings are under $150k. This new tax break has been available after some taxpayers have already filed their personal tax return. As a result, in some cases, the taxpayers might have to file an amended return (1040X) to

By |2021-03-18T17:47:45+00:00March 15th, 2021|Categories: Individuals|Tags: , , , |

Third stimulus payment round on its way

The third stimulus payment is on its way to taxpayers that qualify based on level of income. Payments will begin to be reduced for individuals making $75,000 or above in Adjusted Gross Income ($150,000 for married filing jointly.) The reduced payments end at $80,000 for individuals ($160,000); people above these levels are ineligible for a

By |2021-03-14T03:58:55+00:00March 14th, 2021|Categories: Individuals|Tags: , , , , |

Received a CP59 IRS notice for non filing 2019 return? IRS has not caught up processing yet

The IRS sent earlier February notices to around 260,000 taxpayers as they have not filed their 2019 federal tax return. However, the IRS has not yet processed all 2019 returns so it is asking to disregard this letter. Keep in mind that certain IRS processes are taking significantly longer than expected, so please, review the

By |2021-03-02T04:26:18+00:00March 2nd, 2021|Categories: Individuals|Tags: , , , |

Tax Time IRS Guide: Select a tax return preparer with care

The IRS has published some recommendations on what to look for to select a tax return preparer. See an extract from the IRS publication below:   The Internal Revenue Service today reminded taxpayers to choose a tax return preparer with care. Even though the vast majority of tax return preparers provide honest, quality service, some

By |2021-03-02T04:34:04+00:00February 28th, 2021|Categories: Business, Individuals|Tags: , , |

Did not receive first and second stimulus payment and qualify? Then, claim the Recovery Rebate Credit in your 2020 1040

If you did not get the first and/or second stimulus payments and you qualify based on your income level, then, you still have a chance to receive that money when you file your 2020 tax return. Inside the 2020 tax return, you have to report if you received those payments and the monetary amount. If

By |2021-02-23T21:05:40+00:00February 16th, 2021|Categories: Individuals|Tags: , , , , , , |

Form 7202 – Self-employed individuals to claim COVID-19 sick and family leave

Self-employed individuals to claim COVID-19 sick and family leave tax credits under FFCRA Eligible self-employed individuals will determine their qualified sick and family leave equivalent tax credits with the new IRS Form 7202, Credits for Sick Leave and Family Leave for Certain Self-Employed Individuals. They’ll claim the tax credits on their 2020 Form 1040 for

By |2021-02-23T20:57:36+00:00February 8th, 2021|Categories: Business, Individuals|Tags: , , , , , |

IRS Tips to help people choose a reputable tax preparer

The IRS in their Tax Tip 2020-14 communication provided some tips to choose a reputable tax preparer. Check the preparer's qualifications. People can use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications. This tool helps taxpayers find a tax return preparer with specific qualifications. The directory is a searchable and sortable listing

By |2021-02-07T19:20:59+00:00February 7th, 2021|Categories: Business, Individuals|Tags: , , , , |

Getting 1099 G but never filed? Might be identity theft or fraud

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

By |2021-01-31T06:07:19+00:00January 31st, 2021|Categories: Individuals|Tags: , , , , , |

How to get (or renew) an ITIN number

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

By |2021-01-27T16:20:13+00:00January 27th, 2021|Categories: Individuals|Tags: , , , |
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