What You Need to Know About Individual Taxpayer and Small Business Relief Under the CARES Act4/10/2020 Read directly from the source.
The Coronavirus Aid, Relief and Economic Security (CARES) Act recently signed into law is the largest emergency aid package in US history and will provide $2 trillion to individuals and businesses during this uncertain time. According to the Tax Policy Center, about 90% of Americans will receive money under this act.
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04/01/2020 by Sam Cozzi
The COVID-19 pandemic has created havoc for many of our businesses. Aside from the very serious and tragic health consequences, many people are also experiencing reduced or loss of their income and businesses have a drastic drop in revenue due to shut downs and restructuring. Our government has pulled a few resources that could really help many. While individuals can ask for unemployment and social assistance, there are also grants and loan programs available for businesses. Click on the link to read, directly from the U.S. Senate Committee on Small Business and Entrepreneurship, the guidelines to the CARES ACT. Here you will find important resources. March 21, 2020 | Read article from the source.
The Treasury Department and the Internal Revenue Service are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns has been extended from April 15 to July 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can't file by the July 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request an extension to file their return. Read the article directly from the source.
Written by Erik Devaney | @bardofboston ..... Below, I've compiled a bunch of great work-at-home tips and tricks from some of my awesome coworkers. Plan, Prepare and Respond to Coronavirus Disease 2019READ ORIGINAL ARTICLE DIRECTLY FROM THE SOURCE.
This interim guidance is based on what is currently known about the coronavirus disease 2019 (COVID-19). The Centers for Disease Control and Prevention (CDC) will update this interim guidance as needed and as additional information becomes available. Recommended strategies for employers to use now... Learn about the kiddie tax and changes under the Tax Cuts and Jobs Act.
By Stephen Fishman, J.D. | READ THE ARTICLE ON NOLO.COM For a long time, a popular tax-saving strategy for high-income families was to funnel unearned income through their children to reduce their overall taxes. The IRS has never been thrilled with this practice, and adopted the "kiddie" tax in the 1980s to limit its effectiveness by taxing certain amounts of children's unearned income at a very high rate. The Tax Cuts and Jobs Act (TCJA), the massive tax reform law that took effect in 2018, did not do away with the kiddie tax; however, it simplified it and changed the tax rates children must pay on their unearned income. Janet Berry-Johnson | December 19, 2019 | Read the article on MoneyCrashers.com
Are you married? That seems like an easy question, but the answer can get complicated when it involves the filing status on your federal income tax return. For tax purposes, your marital status is determined as of the last day of the year. If you’re legally married on December 31, as far as the IRS is concerned, you were married for the entire year. If you’re married according to IRS rules, you have a decision to make: Should you and your spouse file jointly or separately? Kevin Mercadante December 24, 2019 | Source: Investor Junkie
Disappointed by this year's tax refund check? Thanks to the Tax Cuts and Jobs Act, the average refund for 2018 is $2,640, a 12% decrease from last year. However, don't despair. There's a way you can make your refund larger: by investing it. So before you run out and blow your hard-earned money on unnecessary items such as TVs and tattoos, we've got some ideas for safely and smartly growing it for a rainy day or your retirement. Learn about the changes to IRAs, 401(k)s, RMDs, and more
By DANIEL KURT | Read article on Investopedia Updated Jan 20, 2020The Setting Every Community Up for Retirement Enhancement Act of 2019, better known as the SECURE Act, which originally passed the House in July, was approved by the Senate on Dec.19, 2019, as part of an end-of-year appropriations act and accompanying tax measure, and signed into law on Dec. 20 by President Donald Trump. The far-reaching bill includes significant provisions aimed at increasing access to tax-advantaged accounts and preventing older Americans from outliving their assets. IRS Tax Tip 2019-178, December 17, 2019
Small business owners should review the rules for filing two commonly-used employment tax returns. The two forms are: Small business owners should remember these two forms are not interchangeable. A small business files one or the other. The employer should never flip-flop between the two forms on their own, and should always file in accordance with their designated filing requirement. Here are some more details about these two forms. |
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CategoriesAuthorSam S. Cozzi, Jr. is a family man, for whom inspired him to be the man he is today. To provide for his family he followed his interests which led him towards his career as a tax professional. |