The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19 pandemic has wreaked havoc on the economy, as the government’s tax revenues have declined while government spending has soared.
There are millions of individuals who do not file a tax return each year, many of them simply because their income is below the filing threshold levels for the year based upon their filing status.
If you are the owner of a small business that was able to obtain a Paycheck Projection Program (PPP) Loan, you have probably already started worrying about how you are supposed to spend the loan proceeds to maximize loan forgiveness.
On April 9, 2020, the IRS issued Notice 2020-23 which has added to the due date postponement of filing and payment obligations to include those due on or after April 1, 2020 and before July 15, 2020. This notice expands on Notices 2020-18 and 2020-20.
The COVID-19 epidemic has created situations where employees are not able to work because they tested positive for the virus or have been quarantined as a result of a governmental order. It has also caused parents to miss work because their children’s school has closed due to the outbreak and there is no one to watch the kids.
For some time, there have been lawmakers who have expressed their displeasure with the so-called stretch IRAs.These IRAs have permitted certain beneficiaries, such as a young child or a grandchild, to use the Inherited IRA RMD rules to extend the payout period for decades.
Sometimes it happens by accident. You didn’t withhold enough from your paycheck during the year and find you owe the IRS money when it’s time to file your tax return.Or maybe you came into some money, spent it, and didn’t realize that you needed to pay taxes on your windfall.
As part of an effort to ensure compliance and fairness, the Internal Revenue Service recently announced that it will increase efforts to visit high-income taxpayers for failure to file a tax return for one or more prior years.
As a result of the 1998 IRS Restructuring & Reform Act taxpayers were given Collection Due Process Hearing rights which they must be advised of before enforced collection action can occur.
Sometimes life just gets in the way. You feel too busy or have experienced a life-changing event such as a divorce, illness, job loss, or death in your family that sidetracked you from timely filing your tax return.