The IRS Resumes Sending 500 Series Balance Due Notices
From irs.gov: The IRS will resume issuing the 500 series balance due notices to taxpayers later in October. These notices were paused on May 9 due to COVID-19. Although the …
The IRS Confirms that Daily Fantasy Sports are Gambling
The IRS has determined that daily fantasy sports are games of chance, not games of skill. Consequently, entry fees represent wagers, and are deductible under Section 165(d). This decision will …
IRS Adds QR Codes to Key Balance Due Notices
For the first time, the IRS is adding barcode technology to notices sent to millions of taxpayers. Starting this month, the CP14 and CP14 IA notices that inform taxpayers that …
IRS Extends Economic Impact Payment Deadline to November 21
From irs.gov: The Internal Revenue Service announced that the deadline to register for an Economic Impact Payment (EIP) is now November 21, 2020. This new date will provide an additional …
IRAs and the SECURE Act. Should You Change Your Strategy?
Last December, the imaginatively named Setting Every Community Up for Retirement Enhancement (SECURE) Act became law. The SECURE Act was intended mainly to expand opportunities for individuals to increase their …
Landlords: How to Handle Tenants Who Can’t Pay Their Rent, and How It Impacts Your Taxes.
During this COVID-19 pandemic, landlords have two big possible problems: Tenants who can’t pay the rent. Tax losses they can’t deduct. We’ll start with the tenants and then move on …
Millions of taxpayers receive a tax refund interest payment
In mid-August interest payments were sent to nearly 14 million individual taxpayers. People who got these payments filed their 2019 federal income tax returns by the July 15 deadline and …
Everything You Need to Know About President Trump’s Payroll Tax Holiday
President Trump issued several executive orders to provide relief to Americans while Congress is gridlocked over the next stimulus package. In addition to orders that addressed unemployment benefits, eviction moratoriums …
Deadline for Estimated Tax Payments Postponed Until Wednesday, July 15
As part of its response to COVID-19, the IRS has postponed several tax deadlines until Wednesday, July 15, 2020. These postponements generally apply to all taxpayers with a filing or …
IRS Updates FAQs on the Paycheck Protection Program (PPP)
The IRS has updated several questions and answers regarding the Paycheck Protection Program (PPP). Click here to access the IRS’ website for coronavirus tax relief and economic impact payments. The …