Are you still waiting for your Economic Impact Payment? Did you get your payment but it was for the wrong amount? The IRS initially said you needed to wait until filing your 2020 tax return to resolve these sorts of issues, but they recently revised that stance and have established procedures to help correct payment
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What is normally a reliable estimate of your taxes – the amount of money withheld from your paychecks by your employer – may be an unreliable estimate this year thanks to the current pandemic. Even worse, using the safety net of paying in what you did last year may not be practical if your financial
-> Continue reading Avoid a Tax Surprise in 2020
More than 70% of small businesses in America now have loan proceeds from the Paycheck Protection Program (PPP) to help retain employees during the current pandemic. The entire amount of a PPP loan is eligible to be forgiven if the funds are used for qualified expenses. Recent legislation liberalizes the terms of loan forgiveness for
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Tax rules change every year, but 2020 has seen more changes than most. There have been a lot of new laws and programs aimed at pandemic relief that you may have heard of, but there have also been some less well publicized tax law changes that you might be able to take advantage of. Here
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Small business owners, self-employed workers, and freelancers received some welcome news when Congress recently passed the Paycheck Protection Flexibility Act. This new law clarifies how businesses can qualify to have all or a portion of its Paycheck Protection Program (PPP) loan forgiven. Here is what you need to know: December 31, 2020 is the new
-> Continue reading An Update on PPP Loan Forgiveness
Millions of Americans already received their economic impact payment. If you haven’t received yours, or if your economic impact payment was for an incorrect ammount, you might need to take action so that you can receive yours. Below are some common reasons why your stimulus payment may be incorrect, and how to fix the error.
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A lot of people may be surprised, for different reasons, to find that they owe an estimated tax payment to the federal government this month. Those who usually file estimated tax payments may be surprised to learn that the estimated tax payment deadline has been postponed to July 15 due to coronavirus relief. Those who
-> Continue reading Some Estimated Tax Payments Due July 15
The IRS has issued a warning to the public to be on the lookout for a surge of calls and e-mail phishing attempts related to the coronavirus pandemic and the one-time economic impact payment. The IRS says that scammers may do the following when trying to contact you: Emphasize the words stimulus check or stimulus
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Several new laws provide economic relief to individuals and businesses hardest hit by this year’s pandemic. This much-needed financial assistance, however, comes with a few strings attached. Here are three potential surprises you should be prepared for if you use the available economic relief packages: Getting a tax bill for unemployment benefits. While the $1,200
-> Continue reading Be Prepared for Pandemic Tax Surprises
Tens of millions of people find themselves without a job due to the ongoing coronavirus pandemic. If you are one of them, you might be looking for ways to get the funds you need to get through until you find employment. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you may be able
-> Continue reading Think Twice Before Using Retirement Savings as an Emergency Fund