Monthly News

March 2021

The Internal Revenue Service reminds first-time filers and those who usually don’t have a federal filing requirement to consider filing a 2020 tax return. They may be eligible to claim the Recovery Rebate Credit if they didn’t receive the amount of stimulus that they...

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February 2021

The IRS has been overwhelmed with processing tax returns and answering phone calls as a result of the pandemic. The IRS phone lines are known for notoriously long waits during tax season in normal years. However, this is not a normal year. The IRS is normally...

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January 2021

Businesses have a February 1st deadline to provide Forms 1099-MISC and 1099-NEC to recipients. The Form 1099-NEC, Non-employee Compensation was created specifically to report nonemployee compensation. It had previously been reported on Form 1099-MISC. Tax season will...

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December 2020

Great news to end the year. According to IRS IR-2020-280, stimulus direct deposits may be going out as soon as December 29 and checks will begin to be mailed on December 30. The legislation provides a direct payment of $600 for individual adults who meet the income...

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November 2020

The IRS is encouraging everyone to get ready to file taxes in 2021. Remember to keep all forms that show your income, credits, and deductions. If you owed money last year or experienced any personal or financial changes that might affect your taxes, you should check...

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October 2020

If you owed taxes or got a big refund when you filed your 2019 tax return, you may want to check your withholding. The IRS supplies a withholding estimator on its website. The estimator helps people determine if they are having the right amount of taxes withheld from...

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September 2020

President Trump has been trying to get an employee payroll tax cut for months but instead, it is a payroll tax deferral. The taxes would be required to be paid sometime after the end of the year. Employers are not required to comply with the payroll tax deferral...

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August 2020

The IRS is continuing to experience enforcement struggles.  In 2019 the audit rate was .4% and 2020 appears to be even lower.  This doesn’t mean you can just not pay your taxes without consequences.  There are several areas that the IRS is focusing their attention. ...

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July 2020

Covid-19 is affecting many people financially.  Here is some good news.  If you take money out of your retirement account and you are pre 59 ½, you don’t have to pay the 10% penalty on up to $100,000 of coronavirus-related distributions in 2020.  Also,...

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June 2020

The Stimulus checks have been sent out.  The Government may not send you a check they may be sending you a prepaid debit card instead.  The cards will come in a plain white envelope from Money Network Cardholder Services.  If you haven’t received your...

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May 2020

Be careful of scams involving the stimulus.  Con artists are calling and sending fake emails to people and claiming they will get their money faster if they provide their financial information.  The IRS normally not first contact people by phone or...

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April 2020

Covid-19 has taken over all aspects of our lives.  The IRS and taxes is no exception.  The IRS has shut down most of their services and has been having any employees that can work remotely do so.  The amount of people able to do this are few.  The...

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March 2020

Farmers and fishermen who chose not to make quarterly estimated tax payments have to file their 2019 Tax return by March 2nd along with the payment for all taxes owed to avoid the estimated tax penalty.  This applies to all farmers and fishers whose farming or...

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February 2020

The IRS is advocating for strong security to safeguard your identity.  There are many scammers trying to get your information by impersonating IRS workers on the phone.  Remember, the IRS won’t make aggressive phone calls that threaten arrest or...

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January 2020

Congress agreed to the government funding bill and expired or expiring tax breaks are being extended through 2020! Among the breaks were mortgage insurance premium write off, the medical expense AGI threshold which was supposed to go back to 10% for deducting medical...

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December 2019

The IRS is focusing on tax compliance and increasing enforcement actions in 2020.  The first area of emphasis is payroll tax abusers.  Companies that withhold Social Security and Medicare taxes and use these to pay other creditors or personal expenses...

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November 2019

One of the latest audit triggers with the IRS is taxpayers who got subsidies for buying health insurance on an exchange.  The IRS computers are flagging taxpayers that don’t file returns after getting the subsidy or file a tax return that doesn’t correctly report...

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October 2019

October 15Th, is the deadline to file your tax return if you filed an extension.  If you fall in this category the IRS is urging you to do a "Paycheck Checkup" now.  This will help you to make sure the correct amount is being withheld from your paychecks...

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September 2019

If you deal in virtual currency IRS Revenue Agents are using the information the courts ordered Coinbase to turn over to the IRS to find U S customers who bought and sold bitcoins to make sure they pay their taxes.  They’re mailing letters to people they believe...

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August 2019

There have been some big bipartisan tax changes passed by congress and signed by the President recently. The Taxpayer First Act includes mandates for improved customer service, Identity protection, easing of enforcement, modernization of the IRS, cybersecurity and...

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