In the last 10 months, much of daily life has been turned upside down. Large events have been canceled, schools have switched to distance learning and many workplaces are still depending on remote setups for employees. One of the many other consequences of the pandemic is the temporary closure of in-person retailers. Between this and […]
TaxConnections
IRS Seizures: The Good, The Bad, And The Ugly
What Is An IRS Seizure? Along with tax penalties and tax lien filings, the IRS’s ability to seize a taxpayer’s property is one of its most potent weapons to encourage tax compliance. That is, in part, what makes a recent report from the Treasury Inspector General for Tax Administration (“TIGTA”) on IRS property seizures particularly troubling. Among other things, […]
The CARES Act and Early Retirement Withdrawals
The Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136 (CARES Act), provides relief to eligible individuals taking withdrawals or loans from qualified employer retirement plans and Individual Retirement Arrangements (IRAs). Coronavirus-related withdrawals and loans Individuals may be eligible for coronavirus-related relief on withdrawals from qualified employer retirement plans or IRAs and on […]
Taxes: Why Do I Owe A Penalty And What Can I Do About It?
I sent a payment to the IRS. Why did I get a bill? If you mailed a payment to the IRS on or before July 15, it may still be unopened in the backlog of mail the IRS is processing due to COVID-19. The IRS will process your payment with the date the IRS received it. […]
How to Avoid the Day-Trading Pandemic
The coronavirus has wrought devastating harm to the health of our nation and to the vibrancy of our economy. With respect to financial markets, it has also given rise to a full-blown mania. Individuals, cooped up at home, working remotely on flexible schedules, with no social activities and no live sports to watch and bet […]
IRS Warns Tax Pros to Be Alert to These Scams
Working Virtually: Avoid Phishing Scams The Internal Revenue Service and the Security Summit partners warned tax professionals to be alert to new phishing scams that try to take advantage of COVID-19, Economic Impact Payments and increased teleworking by practitioners. The IRS, state tax agencies and the nation’s tax industry urged tax firms to review and […]
Here’s What You Need to Know About the Home Office Deduction
The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. Understanding the home office deduction • Employees are not eligible […]
IRS Unclaimed Refunds Waiting For Taxpayers Face July 15 Deadline
Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service. “The IRS wants to help taxpayers who are owed refunds but haven’t filed their 2016 tax returns yet,” said IRS Commissioner Chuck Rettig. […]
6 IRS Tips About the Gig Economy Taxpayers Need to Know
The gig economy, also called sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of the most popular. Here are some things […]
How To Save Cash Like An Investor Before You Start Investing
Watching the balance on your savings account climb higher and higher is undeniably a deeply satisfying feeling, but there absolutely is such a thing as “having too much cash.” Piling stacks on stacks might feel great, but letting too much of your money sit there and gather dust is almost never the best strategy — […]
