5 Ways COVID-19 Will Change Your Next Tax Return
The pandemic prompted the IRS to push back the filing deadline for 2019 tax returns to July 15, and tax changes will continue into next year. The Coronavirus Aid, Relief, and Economic Security Act, more commonly known as the CARES Act, makes the following changes which could impact the 2020 tax retu... Read More
Top IRS Scams for 2020
Tax season is finally over unless you opted for a filing extension until October 15, but tax scams are still brewing. The Internal Revenue Service released its annual Dirty Dozen tax scams today with a warning about aggressive and evolving schemes related to Covid-19 tax relief, especially economic ... Read More
Are you eligible to take money out of your 401(k) due to COVID-19?
The Internal Revenue Service’s official guidance on Covid-19-related 401(k) and Individual Retirement Account loans and distributions is out, and it expands the list of who can qualify for special tax relief. Newly eligible: those who’ve had a job offer rescinded or a job start date delayed due ... Read More
Need to file an amended tax return? If so, it just got easier to do.
Need to file an amended tax return? Typically, about 3 million amended returns are filed by taxpayers each year. Most tax professionals expect that number to be higher due to the pandemic as taxpayers hope to change elections affecting dependents and refunds. This year, that process just got easier.... Read More
IRS Tax Return and Quarterly Estimates Extension Explained
As you may know, the IRS has extended the individual tax return filing deadline to July 15, 2020. The IRS has also extended the filing deadline for your 1st & 2nd quarter estimates normally due on April 15, 2020 and June 15, 2020 until July 15, 2020 While New York State & City and New Jers... Read More