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 […]
