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 taxpayer about a tax debt. (A soft contact entails approaching the taxpayer with caution and extreme sensitivity to their personal circumstances.) However, in a recent SB/SE Division memo, the IRS says enforcement processes may now resume “on a case-by-case basis.”
Similar Posts
PPP Loan Forgiveness
2020 – 08/27 by Lori Eads, CPA We know many of you who received Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) are anxious to apply for forgiveness! However, as we learned during the application process, it can be helpful to be patient and wait for final guidance before…
Who is a Dependent?
2020 – 09/17 How does the tax code define “dependent” for tax purposes? The IRS has finalized the definition based on changes brought by the Tax Cuts and Jobs Act (TCJA) for tax years 2018 through 2025. The definition of dependent includes a qualifying relative who meets two tests. The “income test” is met if…
Reinforce protection of your company’s mobile devices
2020 – 09/30 Whether it’s a smart phone, tablet or laptop, mobile devices have become the constant companions of today’s employees. And this relationship has only been further cemented by the COVID-19 pandemic, which has thousands working from home or other remote locations. From a productivity standpoint, this is a good thing. So many tasks…
Quarterly Estimated Tax Payments
2020 – 09/09 Do you earn income that isn’t subject to tax withholding? Small business owners, self-employed people, taxpayers who are part of the gig economy and certain others may be required to make quarterly estimated tax payments if they will owe at least $1,000 on their 2020 tax returns. The IRS provides a withholding…
Economic Impact Payments
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…
6 Steps to Setting Up Your New Business for Financial Success
Starting a new business is a bold and exciting step. You’re brimming with fresh ideas, and you just want to get the show on the road, right? Each decision you make early on – how you structure your business, organize your finances, and budget – sets the tone for your future success. At Bland Garvey,…
