2020 – 08/24 Due to delays in processing, the IRS is providing relief from bad check penalties for dishonored checks it received between March 1, 2020, and July 15, 2020. The IRS says that if a taxpayer mailed a check (either with or without a tax return), it may still be unopened in the backlog of mail the IRS is processing due to COVID-19. Any payments will be posted as of the date the IRS received them rather than the date the IRS processed them. To avoid penalties and interest, taxpayers shouldn’t cancel their checks and ensure that funds continue to be available so the IRS can process them. Visit the IRS’s COVID-19-related web page here:
Similar Posts
The tax rules for deducting the computer software costs of your business
2020 – 09/28 Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying, leasing or…
Take a fresh look at your company’s brand
2020 – 08/19 A strong, discernible brand is important for every business. Even a company that never undertakes a formal branding effort will, over time, establish a brand through its communications with customers and interactions with the public. For this reason, it’s a good idea to regularly take a fresh look at your brand and…
Accounting Today Names 2020 Best Firms to Work For
Accounting Today and Best Companies Group have announced the members of the 2020 Best Accounting Firms to Work For list. The annual survey and awards program is designed to identify, recognize and honor the best employers in the accounting profession. Bland Garvey is honored to make the list for the eighth time.
CPA | Taxes | Wealth AdvisorDemystifying the Income Tax Reporting System
Once tax season is over, it’s not too uncommon for taxpayers to receive an inquiry letter for more information about…
When Does a Business Need an Audit? Common Triggers Every Owner Should Know
Most business owners don’t spend much time thinking about audits, reviews, or financial statement assurance. They’re focused on growing the business. They’re pursuing new customers, hiring employees, managing operations, and looking for the next opportunity. As long as the company is performing well, it’s easy to assume the financial side of the business is in…
What Most Business Owners Get Wrong About Audits
Few words make business owners more uncomfortable than “audit.” For many people, the term immediately brings to mind IRS examinations, fraud investigations, or the assumption that someone is looking for problems. In reality, most business audits have nothing to do with any of those things. More often, audits are required because a lender, bonding company,…
