The IRS released Recovery Rebates it seems will not be available to nonresident aliens or those individuals without a US Social Security number! According to Law360, thousands of tax-paying immigrants won’t be eligible for stimulus checks under the $2.2 trillion coronavirus relief package that sailed through the Senate, which excludes “nonresident aliens” and those without Social
The IRS release guidance IR-2020-61 with respect to the Economic Impact- Recovery Rebates announced in The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, which passed the Senate by a 96-0 vote late on Wednesday April 1, 2020– the Internal Revenue Service today announced that distribution of economic impact payments will begin in […]
Protax Consulting Services Inc (PCSI) is committed to keeping our Client and Colleagues updated on the most recent developments related to the Covid-19 Tax Deadline Statuses. Tax deadline status-Tax Season 2019 Our firm is actively engaged and longtime members of the New York State Society of Certified Public Accountants (NYSSCPA) and The American Institute of […]
The IRS announced the 2019 tax season standard mileage rates for business, medical, moving and charitable purposes. The Internal Revenue Service today issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2020, the standard mileage rates […]
As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2020 inflation increases to such items as tax rate brackets, Standard Deductions and Exemptions and applicable phase out ranges for each, IRC Sec 911 Foreign Earned Income Exclusion, IRC Sec 877(A) Expatriation provisions 5 year […]
As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2020 Pension Plan limitations as pertains to ORC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA’s, Cat-up’s and Defined Contribution Plans. The Internal Revenue Service today announced that employees in 401(k) plans […]
With the tweaking on the IRS platform form the upcoming 2020 tax season for the 2019 US tax year about to come to a close, the IRS reminds us that tax season will officially kick off January 27, 2020! Anchors away. The Internal Revenue Service confirmed that the nation’s tax season will start for individual […]
