How the CARES Act changes deducting charitable contributions

Previously, charitable contributions could only be deducted if taxpayers itemized their deductions. However, taxpayers who don’t itemize deductions may take a charitable deduction of up to $300 for cash contributions made in 2020 to qualifying organizations. The law changed in his area due to the Coronavirus Aid, Relief, and Economic Security Act. The CARES Act […]

Security Summit partners warn taxpayers of new COVID-related text scam

The Internal Revenue Service, state tax agencies and the tax industry today warned of a new text scam created by thieves that trick people into disclosing bank account information under the guise of receiving the $1,200 Economic Impact Payment. The IRS, states and industry, working together as the Security Summit, remind taxpayers that neither the […]

Federal beneficiaries have more time to register for an Economic Impact Payment

Federal beneficiaries who got their Economic Impact Payment but did not register to receive a $500 supplemental payment per qualifying child can still register before 3 p.m. Eastern November 21, 2020. Those eligible include people with qualifying children who receive Social Security retirement, survivor or disability benefits, Supplemental Security Income (SSI), Railroad Retirement benefits and […]

IRS makes it easier to set up payment agreements

The Internal Revenue Service today announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. The revised COVID- related procedures will be helpful, especially to those who have a record of filing their returns and paying their taxes on time. Among the highlights […]

Four Common Errors can be Costly to Small Businesses

Blog # 70 Four Common Errors can be Costly to Small Businesses A small business owner wears many different hats. They wear their boss hat one day, the employee hat the next day and when tax season comes around, it might be their tax hat. They may think of doing their taxes as just another […]

It’s time again for ITIN renewals

Taxpayers with individual tax identification numbers should find out if their number expires this year. Which numbers are expiring at the end of this year? Any ITIN with middle digits 83, 84, 85, 86, 87. Any ITIN not used on a tax return in the past three years. Numbers that have expired in 2016, 2017, […]

Eligible employees can use tax-free dollars for medical expenses

With health care open season now underway at many workplaces, the Internal Revenue Service reminds workers they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans. Eligible employees of companies that offer a health flexible spending arrangement (FSA) need to act before their medical plan year begins […]

Get Ready Now For Filing Next Year Taxes

Taxpayers can get ready for the upcoming tax filing season by doing a few simple things. Steps taxpayer can take before they file their 2019 tax return in 2020 Steps include: Organizing tax records Checking to withhold and making adjustments or tax payments Renewing an expired individual tax identification number

Like-kind Exchanges Now Limited to Real Property

The Internal Revenue Service reminded taxpayers that like-kind exchange tax treatment is now generally limited to exchanges of real property. Like-kind exchange treatment now applies only to exchanges of real property that is held for use in a trade or business or for investment. An exchange of real property held primarily for sale still does […]

“Tax Transcript” email scam

The Internal Revenue Service and Security Summit partners today warned the public of a surge of fraudulent emails impersonating the ITS and using tax transcripts as bait to entice users to open documents containing malware. The scam is especially problematic for business whose employees might open the malware because malware can spread throughout the network […]