The IRS has published details about the Special Relief being offered in response to the Covid 19 Outbreak. The following is a synopsis that may be helpful but should not be relied on as authoritative.
Most important: The Payment Deadline has been Extended to July 15, 2020 for Federal Income taxes that would e normal been due on April 15, 2020.
Continue reading “Details about the Covid 19 Relief for Income Taxes”
President Trump announced today that he has ” instructed the Treasury Department and IRS to extend the April 15, 2020 deadline for filing federal income tax returns for those affected by Corona virus.” Since an automatic 6 month extension is and has been available this is not really of drastic import but he also said he would direct the Treasury to “defer tax payments without interest or penalties for certain individuals and businesses negatively impacted.” That is probably the big news in this.
Here is an article in CPA Advisor about it. They say they will be updating this page as more info becomes available so be sure to check back.
And here is another article in Accounting Today
There is a new W4 Form for 2020. It is not required for existing employees and employers should continue to use the existing withholding allowances and filing status for employees that filled out the old form. But for those employees you hire after 12/31/2019, and for any employees who wants to adjust their withholding, the 2020 version is the only valid Form W-4.
Continue reading “New W4 for 2020”
This tax season saw an avalanche of extension requests.
The Tax Cuts and Jobs Act played a major role but it wasn’t the only factor.
Continue reading “2018 Set a record for Extensions filed”
File your Taxes on a postcard? What a joke!
The previous 2 page Form 1040 is now 8 postcards plus worksheets and has over 100 pages of instructions. That is not really a postcard is it?
Not mentioned is that none of the additional forms you have been filing went away with your 1040, they still exist. Examples: Schedules B, C, D E, etc.
Continue reading “2018 Income Taxes are gonna be taxing”
Even though the Federal Standard Deduction doubled and most people will not be taking Itemized Deductions on their Federal Tax return this year, some states did not follow the Federal lead. States such as California and New York did not conform.
That means that if you used to itemize, you better continue to track those same expenses because you can still use them to save state taxes
The latest scam that might be used to separate you from your money goes something like this:
Step One – You find out that the IRS
sent you a refund you were not expecting. You might get it by check or
maybe direct deposit. You go – Hey, I wasn’t expecting this. Hmm . . .
Continue reading “A New Scam involving Tax Refunds is particularly dastardly”
Somebody accidentally entered an old bank account number for a direct deposit of a tax refund.
The IRS offered no assistance in retrieving the refund! They took
the position that they had no accountability. They said they had done
exactly as the taxpayer had requested. Taxpayer problem.
Continue reading “Maybe getting your Tax Refund by direct deposit is not such a good idea”
We are now at 701 South Carson Street – above the Artisan Cafe and Bakery.
Bright cheerful office space, the delicious smells of fresh baked
goodies and coffee. What could be better? Oh – subletting from the
same great people we were with at the Ferris Mansion, that’s what.
Thanks Matt and the great staff at NVBiz.com for letting us tag along!
Below is a letter that Donald
Rumsfeld sends to the IRS with his tax return every year. Bravo to him
for saying what needs to be said about our ridiculous tax code. It is a
system that has run amok. I definitely agree with those who have
called for starting over from a clean slate.
Continue reading “Our tax code is a mess!”