What Taxpayers should do if they missed the July 15 deadline

While the federal income tax-filing deadline has passed for most people, some taxpayer’s have not filed their 2019 tax returns yet. If the taxpayer is entitled to a refund, there’s no penalty for filing late. Penalties and interest will begin to accrue on any remaining unpaid tax due as of July 16, 2020. Anyone who […]

Taxpayers need to resume payments by July 15

The IRS today reminds taxpayers who took advantage of the People First Initiative tax relief and did not make previously owed tax payments beginning March 25 through July 15 that they need to restart their payments. As the IRS continues to reopen its operations across the country, taxpayers who were in payment agreements and skipped […]

IRS Offers Additional Retail Partners That Accept Cash Payments

The IRS today announced additional retail partners are accepting cash payments for federal taxes. This cash payment option is for individual and business taxpayers. The IRS’ continuing partnership with ACI Worldwide’s and the PayNearMe Company allows taxpayers to make a payment without a bank account or credit card at participating 7-Eleven stores, Ace Cash […]

Taxpayers Assistance Centers

Taxpayers Assistance Centers Begin Reopening Monday, 06-29-2020 Taxpayer Assistance Centers (TACS) began reopening to the public with a phased approach. To ensure the safety of the public and employees, those seeking in-person assistance at the TAC should call 1-844-545-5640 to make an appointment. Appointments will be available if they need assistance for authentication of identity […]

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 […]