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Possible Federal Responses on Deck

On Friday, President Trump declared a national emergency, using powers that rest in the executive branch. Earlier Tuesday afternoon, Treasury Secretary Steven Mnuchin announced the administration is “giving individuals and many business 90 extra days. Individuals can defer up to $1 million. All you have to do is file your taxes. You’ll automatically not get […]

Tax Season Update Regarding COVID-19

Tax Season Update Regarding COVID-19 The Treasury Secretary made an announcement about tax relief due to COVID-19. As of now, this is what we understand based on this announcement: the individual filing deadline is still April 15 those who can file their taxes should file by the normal tax filing deadline those who can’t file […]

Possible Federal Responses on Deck

Possible Federal Responses on Deck On Friday, President Trump declared a national emergency, using powers that rest in the executive branch. Earlier Tuesday afternoon, Treasury Secretary Steven Mnuchin announced the administration is “giving individuals and many business 90 extra days. Individuals can defer up to $1 million. All you have to do is file your […]

Five ways taxpayers can pay their taxes

Paying taxes are not optional-it’s the law. Some taxpayers must make quarterly estimated tax payments throughout the year. This includes sole proprietors, partners, and S-Corporation shareholders who expect to owe $1,000 or more when they file. Taxpayers do have options when it comes to how they pay their taxes. Here are five options for taxpayers […]

IRS: HIGH-deductible health plans can cover Coronavirus costs

The Internal Revenue Service today advised that high deductible health plans (HDHPs) can pay for the 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA). In Notice 2020-15, posted today […]

IRS announces waivers for Offer in Compromise applications

         The Internal Revenue Service today announced the release of final regulations that increase the Offer in Compromise application fee to $205 and provide an additional way for the IRS to waive the Offer in Compromise application fee for low-income taxpayers, based on their adjusted gross income (AGI).           As Offer in […]

Taxpayers have the right to challenge the IRS’s position on their taxes

Taxpayers have the right to challenge the IRS’s position on their taxes           When the IRS makes a determination about someone’s tax return, that person can challenge the IRS’s decision. This means taxpayers have the right to:           *Object to formal IRS actions or proposed actions and provide additional documentation in their response.           *Expect […]

Taxpayers Should Know the Signs of a Phone Scam

Taxpayers should be aware that aggressive criminals pose as IRS agents in hopes of stealing money or personal information. The tax filing season is a prime time for phone scams because people are thinking about taxes. The IRS will never: Call to demand immediate payment using a specific payment method such as a prepaid debit […]

Five Steps Taxpayers Can Take Now to Protect Against Identify Theft

Taxpayers should make sure they’re doing everything they can to prevent a thief from stealing their identity. Tax related theft occurs when someone uses a taxpayer’s stolen personal information to file a tax return claiming a fraudulent refund. The thieves use personal information like a social security number. Here are some tips to help taxpayers […]

5 Financial Mistakes to Avoid in Retirement

Overspending- Given the free time and flexibility with retirement, it’s easy to overspend. Retirement could last 20 years or more, so keep your lifestyle at sustainable levels. Disregarding Inflation- Inflation adds up over time. If you need $5000 a month to live now, you could need $10,000 a month in just over 20 years to […]