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 …
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 …
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 …
Employees Should Update W-4s
On February 27, 2018, the IRS finally released the updated W-4 for 2018 with many notable changes from previous versions of the form. Most noticeably, the exemption calculation has been …