In IRS IR-2024-133 the IRS reminds taxpayers that May 17, 2024 is the last date to request as refund as related to the 2020 US tax year, where currently more than 1 billion in tax refunds lie on the table!!! The Internal Revenue Service today reminded the 1 million people who didn’t file their tax […]
Notice- October 5, 2021– The Financial Crimes Enforcement Network (FinCEN) announced that victims of Ida and the CA wildfires and Tropical storm Fred have until December 31, 2021 to file their FBAR Form 114. FinCEN is offering this expanded relief to any area designated by the Federal Emergency Management Agency (FEMA), these would include […]
The IRS reminds us under IR 2021-196 that American taxpayers with foreign accounts that while the deadline is April 15, 2021 to file their annual Report of Foreign Bank and Financial Accounts (FBAR) the extension deadline to file their annual FBAR is fast approaching as Oct. 15, 2021. The Internal Revenue Service reminds U.S. citizens, […]
The IRS provides an excellent breakdown on the different types of IRA’s, their uses and differences, the contributions and withdrawal features of each. Individual Retirement Arrangements, or IRAs, provide tax incentives for people to make investments that can provide financial security for their retirement. These accounts can be set up with a bank or other […]
IRS reminds us that for taxpayers that did not file by May 17, 2021 (postponed from April 15 to May 17 due to Covid-19) and extended their 2020 filings to October 15, 2021 filing Form 4868 filing, this deadline is quickly approaching. That this was an extension of time to file not to pay, […]
Hurricane and Post Tropical Depression Ida- Pennsylvania- Update re the 2020 October 15, 2021 Filing Deadline- -IRS IR-2021-175- IRS: Tax relief now available to Ida victims in Pennsylvania; Oct. 15 deadline, other dates extended to Jan. 3– Released September 13, 2021- now includes the state of Pennsylvania Ida-impacted localities as designated by FEMA, In essence […]
Hurricane and Post Tropical Depression Ida- New York and New Jersey- Update re the 2020 October 15, 2021 Filing Deadline- -IRS IR-2021-175- IRS: Tax relief now available to victims of Hurricane Ida; Oct. 15 deadline, other dates extended to Jan. 3- Released August 31, 2021- for the state of Louisiana and Ida-impacted localities as designated […]
The IRS reminds us under IR 2021-122 that American taxpayers who reside outside the US on April 15, (May 17, 2021 this year) have an automatic two month extension to June 15, 2021 to file their 2020 US income taxes. Even the though the April 15 deadline was moved to May 17, 2021, the June […]
The awaited IRS Formal Guidance, re. the March 17, 2021 IR-2021-59 to delay the late filing and late payment deadline for the 2020 tax season from April 15 to May 17, 2021 has arrived. Protax Consulting Services Inc (PCSI) Firm Statement # 2 Tax Season 2020- (dated April 3, 2021) Update- Tax Deadlines Status: […]
An Executive Summary and refresher on The Consolidated Appropriations Act, 2021 signed into law on December 27, 2020 just in time before we tackle the American Rescue Plan Act of March 11, 2021. Executive Summary The omnibus spending and coronavirus relief legislation enacted in December clarified that deductions are allowed for otherwise deductible expenses paid […]
IRS reminds us that we have until April 15, 2021 of this 2020 tax year to make a $6,000 (with catchup for age 50 to $7,000) IRA contributions- Traditional or ROTH IRA for the 2019 tax year, don’t be late! The Internal Revenue Service notes that taxpayers of all ages may be able to claim […]
The American Rescue Plan Act, H.R. 1319. Includes many none tax provisions including an extension of Federal unemployment benefits, $50 billion in small business funding, money for health care entities, vaccine distributions, Covid-19 testing, K-12 and college and university assistance, finding for local and state governments . Among the act’s many provisions are several tax items.
On Wednesday March 17, 2021, through IR-2021-59- the IRS and Treasury Department Announce U.S. Tax Day Deadline Extended From April 15 to May 17, 2021. Dear Clients and Colleagues: We waited to issue a Firm Statement pending IRS Formal Guidance, which has to date not been forthcoming as promised. Tax deadline status- On Wednesday March […]
The American Rescue Plan Act, H.R. 1319. Among the act’s many provisions are several tax items. Most of the tax provisions that were in the House version of the bill were unchanged in the Senate’s version, but the tax treatment of 2020 unemployment benefits, the phaseout ranges for economic impact payments, and the treatment of student
Thursday March 4, 2021 the American Institute of Certified Public Accountants (AICPA) sends a follow-up urgent letter to the IRS Commissioner Charles Rettig and Acting Assistant Secretary Mark Mazur re-requesting a an extension of the April 15, 2021 deadline to file and pay 2020 income tax to June 15, 2021, as the original suggested March […]
The American Institute of Certified Public Accountants (AICPA) writes to the Treasury and the IRS to urge an extension of the April 15, 2021 deadline to file and pay income tax to June 15, 2021 and to release guidance by March 1, 2021. In a recent letter to Treasury and the IRS, the AICPA called for
Additional guidance on the Consolidated Appropriations Act, 2021 including the Interim Final Rules (IFR’s) for first and second draw PPP loans. Friday January 8, 2021 the SBA and Treasury announced that the new PPP will re-open the week of Jan. 11 with community financial institutions exclusively allowed to make first-draw PPP loans on starting Jan. […]
Hear Ye Hear Ye read all about it—-With the tweaking on the IRS platform form the upcoming 2021 tax season for the 2020 US tax year about to come to a close, the IRS reminds us that tax season will officially kick off February 12., 2021! Anchors away. The Internal Revenue Service announced that the […]
As part of the Consolidated Appropriations Act, 2021 signed into law on Sunday December 27, 2020 by the President and passed by Congress on December 21, 2020 amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to say that no deduction is denied, no tax attribute is reduced, and no basis increase is […]
The Consolidated Appropriations Act, 2021 includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Act, 2021, H.R. 133, passed both houses of Congress on Dec. 21, and President Donald Trump signed the bill into law on Dec. […]
The IRS announces that since January 31, 2021 falls on a Sunday, employers have until Monday February 1, 2021 to issue and files Form W-2 wage statements with the IRS and to employees. Due same date are Form 1099-MISC and 1099-NEC. Employers must file Form W-2 and other wage statements by Monday, February 1, 2021. […]
President Trump signed into law on Sunday December 27, 2020 passed by Congress on December 21, 2020. The Consolidated Appropriations Act, 2021 just after unemployment benefits expired and hours before the Federal government was due to shut down now funded until September 2021. It adds $300 to extended weekly unemployment benefits, and provides more than […]
Some pre-tax planning messages for the upcoming 2021 tax season re the 2020 US income tax filings. Paying taxes is something you want to do religiously. Of course, you would not want to incur penalties and any other consequences that may come when you ignore your taxes. But like everybody else, you might be feeling […]
As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2021 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 announced cost‑of‑living adjustments affecting dollar limitations for […]
As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2021 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 we have warned in the past ITIN’s not used at least once every 3 years and 5 years after issuance now expire, the following applies to the 2020 tax year for returns filed in 2021. The later requirement will affect ITINs with middle digits of 88, 90, 91, 92, 94, 95, 96, 97, 98 […]
As first reported on April 27. 2020 in light of the Covid-19 epidemic the IRS released Revenue Procedure (Rev Proc) 2020-27. Rev Proc 2020-27 Affects U.S. persons living and working outside the U.S. Rev Proc 2020-27 invokes IRC Sec 911(d)(4)- Waiver of Time Requirements- with respect to the PPT and BFR tests deeming the Covid-19 […]
As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2019 H.S.A. Contribution limits for the upcoming 2020 (done in 2021) tax year. The IRS in Rev. Proc. 2020-32 announced the annual inflation-adjusted limits on deductions for contributions to a health savings account (HSA) allowed for
In light of the Covoid-19 epidemic the IRS released Revenue Procedure (Rev Proc) 2020-20 and 2020-27. Rev Proc 2020-20 Affects Foreign Nationals living and working in the U.S. and Rev Proc 2020-27 Affects U.S. persons living and working outside the U.S. Rev Proc 2020-20 allows foreign nationals trapped in the United States as a result […]
