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IRS Extends Economic Impact Payments Deadline

The Internal Revenue Service announced that the deadline to register for an Economic Impact Payment is now Nov. 21, 2020. This new date will provide an additional 5 weeks beyond the original deadline. People who typically do not file a tax return, and have not received an Economic Impact Payment have multiple options. Filers can […]

Taxpayers should know and understand their correct filing status

Generally, the taxpayer’s filing status depends on whether they are single or married on Dec. 31 and that determines their status for the whole year. However, more than one filing status may apply in certain situations. If this is the case, taxpayers can usually choose the filing status that allows them to pay the least […]

How people can reconstruct records lost in a natural disaster

Reconstructing records after a disaster is important for several reasons including insurance reimbursement and taxes. Records can help people prove their disaster-related losses. Estimated losses can help people get more recovery assistance like loans or grants. Financial Statements- people can gather past statements from their credit card company or bank. Many of these records may […]

Six tips for people starting a new business

Here are six tips for new business owners. Choose a business structure. The most common business structures are: Sole proprietorship: an unincorporated business owned by an individual. Partnership: an unincorporated business with ownership shared between two or more people. Corporation: also known as a C corporation. It’s a separate entity owned by shareholders. S Corporation: […]

IRS highlights higher penalties for tax returns filed after Sept. 14

The tax deadline was July 15 this year. Taxpayers who submitted an extension have until Oct. 15 to file and do not face the failure to file penalty if they file their taxes by the deadline. But taxpayers need to remember that an extension to file is not an extension to pay. Any taxes owed […]

IRS to mail special letters to non-filers

Later this month the Internal Revenue Service will start mailing letters to roughly 9 million Americans who typically don not file federal income tax returns who may be eligible for, but have not registered to claim, An Economic Impact Payment. The letter will urge recipients to register at IRS.gov by Oct. 15 in order to […]

IRS provides tax relief for victims of Hurricane Laura

Victims of Hurricane Laura that began Aug. 22 now have until Dec. 31, 2020 to file various individual and business tax returns and make tax payments. The IRS is offering this relief in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance.  Currently this includes Allen, Beauregard, Calcasieu, Cameron, […]

Financial safety is an important part of disaster preparedness

Before a natural disaster strikes, taxpayers are encourage to prepare if possible. This includes putting financial safety measures in place. To help protect your financial safety in a disaster situation, taxpayers should: Update emergency plans– Strive to make this a yearly review Create electronic copies of documents– Taxpayers should keep this information in a safe […]

List of “Dirty Dozen” Tax Scams

List of “Dirty Dozen” Tax Scams Tax scams tend to rise during tax season or during times of crisis, and scam artists are using pandemic to try stealing money and information from honest taxpayers. Taxpayers are encouraged to refrain from engaging potential scammers online or on the phone. Here are the year’s “Dirty Dozen” scams: […]

New law provides relief for eligible taxpayers who need funds from IRA’s and other retirement plans

The Coronavirus Aid, Relief, and Economic Security (Cares) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRA’s. Under the CARES Act, individuals eligible for coronavirus-related relief may be able to withdraw up to $100,000 from IRA’s or workplace retirement plans before December 31, 2020, if […]