Monthly Archives: May 2020

IRS to Allow E-Filing of Amended Tax Returns But…

This morning I received an announcement (below) that the IRS will, sometime this summer, allow electronic filing of amended personal tax returns (Form 1040X). Unfortunately, there’s a major “but” included: When the electronic filing option becomes available, only tax year … Continue reading

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Patiently

Two clients asked me about their tax refunds this week. Both had filed several weeks ago, and each had received their state refunds. Neither had received their federal refunds. With the IRS phone lines for practitioners now working (albeit with … Continue reading

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When the IRS “Helpfully” Changes Your EIN…

Your personal tax records are noted under your Social Security Number. That won’t work for businesses, so years and years ago the IRS came up with Employer Identification Numbers (EIN) to track business accounts. If you form a new business … Continue reading

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Ten Days (More Kudos to the IRS)

We owe tax almost every year. Yes, I make estimated payments, but my business has been growing, investments are making money, so my tax bill goes up every year. That means when I initially looked to see when our stimulus … Continue reading

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When the IRS Adds a Digit…

Clients of ours filed their tax returns 15 days ago, and this morning received their refund from the IRS. They were expecting $523 and they got that, and just a bit more: The direct deposit was $3,523! The clients had … Continue reading

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PPP: When Free Money Isn’t So Free

The Paycheck Protection Program (PPP) loans seem too good to be true. You get money for paying employees and necessary expenses, and they might not have to be repaid! It’s free money. Well, not so fast. Yesterday, the IRS released … Continue reading

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