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Author Archives: Russ
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
Posted in IRS
Tagged Amended.Returns
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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
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
Posted in Entity Formation, IRS
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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
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
Posted in IRS
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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
IRS’s “Get My Payment” App Now Works for Filers Who Neither Owed Tax Nor Received a Refund
Kudos to the IRS. The IRS’s “Get My Payment” App was updated again this weekend, and now works for just about everyone. The last group of individuals who couldn’t use the app–those who filed returns and neither owed tax nor … Continue reading
Posted in IRS
Tagged Get.My.Payment
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Professional Gamblers (and Other Gambling Businesses) Now Eligible for PPP Loans
The Small Business Administration today released new guidance on the Paycheck Protection Plan (PPP) loans. Included in the guidance is an FAQ that states: Are businesses that receive revenue from legal gaming eligible for a PPP Loan? A business that … Continue reading
IRS’s “Get My Payment” App Now Works for Most 2018 Filers
If you filed your 2018 return but haven’t filed 2019, and you wanted to update your information on the IRS’s “Get My Payment” App, you’ve been frustrated because it hasn’t worked. Last night, the IRS updated the information to include … Continue reading
Posted in IRS
Tagged 2020.Tax.Season, Get.My.Payment
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When Will the Stimulus Checks be Mailed?
Something I missed was an article in the Washington Post giving details of mailing stimulus payments. The Motley Fool took it and laid out the dates that stimulus payments will be mailed. I note those dates below. But there’s another … Continue reading