IRS announces Rollover Relief for Required Minimum Distributions

The Internal Revenue Service today announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now have the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. The 60-day rollover period for any RMDs already taken this year has […]

Keep Economic Impact Payment notice with other tax records

People who received an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of their payment, how the payment was made and how to report any payment that wasn’t received. For security reasons, the IRS mails this notice to each […]

ALERT!: Economic Impact Payments

Economic Impact Payments belong to the recipient, not nursing homes or care facilities. The Internal Revenue Service today alerted nursing homes and other care facilities that Economic Impact Payments (EIP’s) generally belong to the receipts, not the organization providing the care. The IRS issued this reminder following concerns that people and businesses may be taking […]

An Extension to File your Taxes

An extension to file is not an extension to pay taxes. For most taxpayers the filing and payment deadline was postponed until July 15. Those who need more time to file beyond the postponed date, can request an extension to file. Taxpayers must request an extension to file by July 15. This gives them until […]

IRS Warns against COVID -19 Fraud; other financial schemes

The IRS reminds taxpayers to continue to guard against tax fraud and other related financial scams related to COVID-19. Criminals seize on every opportunity to exploit bad situations, and this pandemic is no exception. Criminals are continuing to use the COVID-19 Economic Payments as cover for schemes to steal personal information and money. Scams related […]

SiSix Secrets Professionals Use to Choose Financial Advisors

Choosing a financial advisor is a major decision that can determine your financial course for years to come. 1. Always hire an advisor who is a Fiduciary- a fiduciary is ethically bound to act in another person’s best interest. This obligation eliminates conflict of interest. 2. Don’t hire the first advisor you meet- take time […]

IRS Chief Counsel goes virtual with national Settlement Days

The Internal Revenue Service Office of Chief Counsel is expanding its Virtual Settlement Days program after the tremendous success achieved by three offices that took Settlement Days events virtual in May 2020. Settlement Days events are coordinated efforts to resolve cases in the United States Tax Court (Tax Court) by providing taxpayers not represented by […]

Economic Impact Payment by Prepaid Debit Card

Nearly four million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of which taxpayers receive a debit card was made by the Bureau of Fiscal Service, another part of the Treasury Department that works with the IRS to handle distribution of the payments. These Economic […]

IRS People First Initiative provides relief to taxpayers facing COVID-19 issues

Due to COVID-19, the IRS’ People First Initiative provides relief to taxpayers on a variety of issues. • Existing Installment Agreements- Under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are delayed. Those unable to meet the terms of an Installment Payment Agreement or Direct Deposit Installment Agreement may cancel […]

Higher Education Emergency Relief Fund and Emergency Financial Aid Grants under the Cares Act

Sections 3504, 18004, and 18008 of the Coronavirus Aid, Relief, and Economic Security Act (Cares Act) enacted on March 27, 2020, allow higher education institutions to use certain funds allocated by the Department of Education to support students and higher education institutions with expenses and financial needs related to the Coronavirus (COVID-19) pandemic. Section 3504 […]