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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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July 2019

Members of the National Guard or military reserves, Thank You for your service.  You may be able to write off the cost of travel to drills or meetings.  If you travel more than 100 miles from home and are away from home overnight, then you qualify.  You...

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June 2019

Lawmakers agree that they need to find a way to help individuals increase their retirement savings.  There are several bills in Congress now but the lawmakers are having trouble agreeing on the ideas. One of the ideas is to offer part time workers the ability to...

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May 2019

The 20% qualified business income(QBI) deduction, for those individuals who qualify, is claimed on line 9 of the 1040 for 2018.  There isn’t a form for 2018 but starting in 2019 there will be a new form to fill out when you file your tax return to claim the 20%...

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April 2019

The due date for filing individual tax returns is April 15.  The IRS recommends that taxpayers file an extension if they need one.  Mistakes can happen when people are hurrying to file a tax return by the due date.  If you’re not ready, you can get a...

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March 2019

Taxpayers are filing their returns and are being shocked with a smaller refund or even a tax bill to pay.  The IRS is not surprised.  When they issued the new tax tables last year they didn’t factor in the loss of exemptions or loss of some itemized...

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February 2019

There are many new forms due to the tax law changes.  Don’t be fooled by the 1040, it may look simpler, but most of the line items from the old form were just moved to 6 new numbered schedules.  You will need to know which schedules are required to do your...

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January 2019

January news The IRS will be begin accepting returns on January 28th and will issue refunds even if the federal government is still in partial shutdown. The IRS will bring back some of its workers as needed to process returns and send out refunds. The IRS has...

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December 2018

December News Data mining software is being used to help the IRS find people who are cheating on their tax returns. The technology examines taxpayer information and looks for suspicious activity, which can lead to audits. The IRS is having problems with its video...

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