Category Archives: IRS

On Stimulus Payments and Tax Deadlines

One of my clients emailed me this morning that they received (via direct deposit) their “Recovery Rebate” (aka stimulus) payment. So the IRS is distributing those. The IRS promises a tool on Friday to check your payment and for individuals … Continue reading

Posted in IRS, Virginia | Tagged | Comments Off on On Stimulus Payments and Tax Deadlines

IRS Extends More Deadlines

The IRS released Notice 2020-23 this afternoon, formally extending lots more tax deadlines. I’m going to copy the language as it matters: The Secretary of the Treasury has determined that any person (as defined in section 7701(a)(1) of the Code) … Continue reading

Posted in IRS | Tagged | Comments Off on IRS Extends More Deadlines

Individual Return Deadlines (Probably Final)

We prepare tax returns for individuals throughout the United States, so we have to keep track of the deadlines–and that’s a task right now. So we created a spreadsheet with the information so we can see this at a glance … Continue reading

Posted in IRS | Tagged | Comments Off on Individual Return Deadlines (Probably Final)

Seniors Won’t Have to File Tax Returns, SBA Loan Update, and New Jersey

Earlier this week the IRS posted that to obtain the Recovery Rebate that seniors and others would have to file a tax return. When news of that got out–especially given that the law that was passed says otherwise–organizations representing seniors … Continue reading

Posted in IRS, New Jersey, SBA | Tagged | Comments Off on Seniors Won’t Have to File Tax Returns, SBA Loan Update, and New Jersey

A Catch-22 On SBA Loans

catch-22 (noun): A dilemma or difficult circumstance from which there is no escape because of mutually conflicting or dependent conditions. The CARES Act allows for all sorts of SBA (Small Business Administration) loans to help with the virus pandemic. Sounds … Continue reading

Posted in IRS, SBA | Tagged | Comments Off on A Catch-22 On SBA Loans

Make Work for Tax Professionals, or, Aunt Rose, You Need to File a Tax Return

UPDATE: Late on April 1st, the IRS reversed course. To the question, “I am not typically required to file a tax return. Can I still receive my payment?” The IRS now states, Yes. The IRS will use the information on … Continue reading

Posted in IRS | Tagged | Comments Off on Make Work for Tax Professionals, or, Aunt Rose, You Need to File a Tax Return

The Stimulus and More

As I’m sure all of you are aware, Congress passed legislation sending money to Americans, along with a lot of other tax related components. Here’s a summary. The Stimulus: Each non-dependent will receive a $1,200 “Recovery Rebate” provided their Adjusted … Continue reading

Posted in IRS | Tagged | Comments Off on The Stimulus and More

IRS Extends Estate & Gift Tax Returns to July 15th

If you have to file an Estate Tax return (Form 706) or Gift Tax return (Form 709), the IRS announced today that those are being extended to July 15th. The details are in Notice 2020-20. Here is the legalese: The … Continue reading

Posted in Estate Tax, Gift Tax, IRS | Tagged | Comments Off on IRS Extends Estate & Gift Tax Returns to July 15th

Individual Return Deadlines

UPDATE: Please see this post that has the final versions. We prepare tax returns for individuals throughout the United States, so we have to keep track of the deadlines–and that’s a task right now. So we created a spreadsheet with … Continue reading

Posted in IRS | Tagged | Comments Off on Individual Return Deadlines

Extensions, IRAs, HSAs, and 2016

Yesterday, the IRS released guidance on the July 15th due date. The IRS guidance confirmed my previous post that not all tax filings have been extended. Among the clarifications: Estate and Gift Tax returns (Form 706 and 709) were not … Continue reading

Posted in IRS | Tagged | Comments Off on Extensions, IRAs, HSAs, and 2016