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:
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- CPA | Money | Planning | Wealth Advisor
The Financial and Emotional Impact of Sudden Wealth
Whether it’s from an inheritance, settlement, divorce, a major sale, initial public offering (IPO) of your business or winning the lottery, most people would agree coming into a large sum of money is a good problem to have.
