2020 – 08/17 The IRS has reopened the registration period for those who didn’t receive $500-per-child Economic Impact Payments (EIPs) earlier this year. Certain federal benefit recipients are urged to use the IRS’s “Non-Filers tool” from 8/15/20 through 9/30/20 to enter information on their qualifying children to receive the catch-up supplemental payments. Parents eligible to provide this information include those with qualifying children who didn’t file a tax return in 2018 or 2019 and receive Social Security benefits, Supplemental Security Income, Railroad Retirement benefits and Veterans Affairs Compensation-Pension benefits.
Similar Posts
5 common accounting software mistakes to avoid
2020 – 08/12 No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid: 1. Relying on a generic solution. Some companies rush into buying an…
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…
IRS Resumes Enforcement Activities
2020 – 08/14 The IRS is partially resuming its enforcement activities. In March, the tax agency’s Small Business/Self-Employed (SB/SE) Division announced that it was suspending some enforcement activities due to the COVID-19 crisis. In cases where a taxpayer may have been affected by a disaster, the IRS could use “soft contact” procedures to contact the…
Last Day to File
2020 – 08/21 Did you ask for an extension for your 2019 tax return this year? If so, keep in mind that Oct. 15, 2020 is the last day to file for most people who requested an extension. You can file your return any time before that date if you have all your required tax…
Telecommuting: Do you Owe State Taxes?
2020 – 09/08 Are you an employer with employees working at home due to COVID-19? In response to the pandemic, some states have issued specific guidance on whether telecommuting employees temporarily working in a state due to COVID-19 create “nexus” for an employer who doesn’t operate in that state. Contact us for more information about…
100% Bonus Depreciation
2020 – 09/23 The IRS has issued another set of final regulations on the additional first-year depreciation deduction, otherwise known as 100% bonus depreciation. The deduction generally applies to qualifying property acquired and placed into service after Sept. 27, 2017, and before Jan. 1, 2023. The final regs offer guidance on the requirements that must…