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Face masks and other personal protective are tax deductible medical expenses
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Face masks and other personal protective are tax deductible medical expenses

Individuals

Face masks and other personal protective are tax deductible medical expenses

On Friday 3/26/21, the Internal Revenue Service issued Announcement 2021-7 clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. Link IRS - https://www.irs.gov/pub/irs-drop/a-21-07.pdf Link Bloomberg article - https://www.bloomberg.com/news/articles/2021-03-26/masks-and-hand-sanitizer-are-tax-write-offs-the-irs-says

By Victor Garrido, CPA, EA|2021-03-28T16:18:45+00:00March 28th, 2021|Categories: Individuals|Tags: covid-19, deductible, face mask, irs, medical expense, PPE|

Tax deadline for individuals moved to May 17, 2021
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Tax deadline for individuals moved to May 17, 2021

Individuals

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 Victor Garrido, CPA, EA|2021-03-18T17:50:48+00:00March 18th, 2021|Categories: Individuals|Tags: deadline, individuals, irs, may 17|

Third stimulus payment round on its way
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Third stimulus payment round on its way

Individuals

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 Victor Garrido, CPA, EA|2021-03-14T03:58:55+00:00March 14th, 2021|Categories: Individuals|Tags: irs, payment, stimulus, third, treasury|

Employee Retention Credit – New guidance published by the IRS
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Employee Retention Credit – New guidance published by the IRS

Business

Employee Retention Credit – New guidance published by the IRS

As previously published in our post earlier in the year, the change in the Employee Retention Credit (ERC) was something positive for the business owners, but it left many questions and professionals waiting for guidance. Note that during this waiting period, there were auto proclaimed experts on ERC while professionals were patiently waiting. Please, do

By Victor Garrido, CPA, EA|2021-03-08T08:19:17+00:00March 4th, 2021|Categories: Business|Tags: calculation, ERC, Guidance, irs|

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

Individuals

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 Victor Garrido, CPA, EA|2021-03-02T04:26:18+00:00March 2nd, 2021|Categories: Individuals|Tags: CP59, disregard, irs, notice|

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

Business, Individuals

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 Victor Garrido, CPA, EA|2021-03-02T04:34:04+00:00February 28th, 2021|Categories: Business, Individuals|Tags: irs, preparer, tax|

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

Individuals

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 Victor Garrido, CPA, EA|2021-02-23T21:05:40+00:00February 16th, 2021|Categories: Individuals|Tags: credit, eligible, irs, rebate, recovery, stimulus, treasury|

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

Business, Individuals

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 Victor Garrido, CPA, EA|2021-02-23T20:57:36+00:00February 8th, 2021|Categories: Business, Individuals|Tags: covid-19, family leave, FFCRA, irs, self-employed, sick|

IRS Tips to help people choose a reputable tax preparer
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IRS Tips to help people choose a reputable tax preparer

Business, Individuals

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 Victor Garrido, CPA, EA|2021-02-07T19:20:59+00:00February 7th, 2021|Categories: Business, Individuals|Tags: CPA, ea, irs, lawyer, tax preparer|

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

Individuals

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 Victor Garrido, CPA, EA|2021-01-31T06:07:19+00:00January 31st, 2021|Categories: Individuals|Tags: 1099-G, fraud, Identity theft, IP PIN, irs, unemployment|

irs

Face masks and other personal protective are tax deductible medical expenses

Tax deadline for individuals moved to May 17, 2021

Third stimulus payment round on its way

Employee Retention Credit – New guidance published by the IRS

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

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

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

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

IRS Tips to help people choose a reputable tax preparer

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

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