Archive for the ‘2021 Tax Season’ Category.
October 11, 2021, 1:10 pm
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 E...
Click here for more September 24, 2021, 2:50 pm
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 ...
Click here for more September 24, 2021, 2:04 pm
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 pa...
Click here for more September 20, 2021, 4:07 pm
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 st...
Click here for more September 13, 2021, 11:40 am
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 ...
Click here for more January 19, 2021, 11:23 am
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 ex...
Click here for more January 19, 2021, 11:15 am
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 anno...
Click here for more January 14, 2021, 1:26 pm
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 r...
Click here for more January 14, 2021, 1:13 pm
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 house...
Click here for more January 14, 2021, 1:09 pm
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...
Click here for more January 14, 2021, 12:57 pm
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...
Click here for more December 3, 2020, 1:29 pm
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...
Click here for more November 2, 2020, 10:55 am
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 Re...
Click here for more November 2, 2020, 10:39 am
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 Exclusi...
Click here for more August 27, 2020, 11:09 am
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 or 99, i...
Click here for more August 20, 2020, 10:45 am
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...
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