The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020 and before July 15. Retroactive COVID-19 Business Relief The Coronavirus Aid, Relief...
The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. The U.S. Government...
As you may have heard, the Coronavirus Aid, Relief, and Economic Security (CARES) Act allows ‘qualified’ people to take certain ‘coronavirus-related distributions’ from their retirement plans without paying tax. So how do you qualify? In other words, what is a coronavirus-related distribution? Early Distribution Basics In general, if...
If you operate a small business, or you are starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses to claim the full amount of the tax deductions to which...
The IRS recently issued another notice extending tax deadlines because of the COVID-19 pandemic. Notice 2020-35 supplements IRS Notice 2020-23 and earlier guidance by extending the deadlines for certain additional time-sensitive actions relating to employment taxes; exempt organizations; employee benefit plans, including 401(k)s; Health Savings...
If you are age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you are married and both you and your spouse are...
It is often difficult for married couples to save as much as they need for retirement when one spouse does not work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an individual retirement account (IRA)...
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA Basics An HSA is a trust created or organized exclusively for the purpose of paying the ‘qualified medical expenses’ of an ‘account beneficiary.’ An HSA can only be established for the benefit of...
The U.S. Supreme Court's June 2018 landmark case of South Dakota v. Wayfair, Inc. (Wayfair) has led to increasingly complex rules and left businesses with exposure related to sales and use taxes and interstate sales. As the result of Wayfair, states have initiated responsive legislation...
Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than...