The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations. 1. Some tax records can now be thrown … Read More
The IRS has issued depreciation dollar limits for business passenger automobiles placed in service during calendar year 2020. For passenger automobiles acquired after Sept. 27, 2017, and placed in service in 2020, to which the first-year bonus depreciation deduction applies, the limits are: $18,100 for the placed-in-service year; $16,100 for the second tax year; $9,700 … Read More
Nearly everyone owns at least some digital assets, such as online bank and brokerage accounts, bill-paying services, cloud-based document storage, digital music collections, social media accounts, and domain names. But what happens to these assets when you die or if you become incapacitated? The answer depends on several factors, including the terms of your service … Read More
The IRS temporarily extends the deadline for certain email and digital procedures. Due to COVID-19, the IRS announced in March that it would deviate from certain established procedures through July 15, 2020. That is, IRS employees have been allowed to accept digital, scanned or photographed images of taxpayer signatures on documents related to a taxpayer’s … Read More
Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its annual gross receipts and other factors. Even when external audits aren’t mandated, however, they’re often recommended. These audits can provide assurance to donors and other stakeholders that your organization is operating with integrity and within acceptable … Read More
Taxpayers strive to get their tax returns in the mail on time, but due to the COVID-19 pandemic, returns may sit in mail facilities for days. The IRS says taxpayers don’t need to worry if they follow the “mailbox rule:” a paper return is deemed to be filed on the date of the postmark, even … Read More
The COVID-19 crisis is affecting not only the way many businesses operate, but also how they assess productivity. How can you tell whether you’re getting enough done when so much has changed? There’s no easy, one-size-fits-all answer, but business owners should ask the question so you can adjust expectations and objectives accordingly. Impact of remote … Read More
Even if you can’t pay your tax bill, you can avoid excessive penalties by taking certain steps. The IRS recommends that you file your tax return or request an extension and pay what you can to minimize penalties and interest. Not filing will result in a failure-to-file penalty of 5% of the unpaid tax required … Read More
The Congressional Budget Office (CBO) announced that “the federal budget deficit in June 2020 was $863 billion, compared with a deficit of $8 billion in the same month last year.” The overall deficit for fiscal year 2020 now stands at $2.7 trillion, according to the CBOs Monthly Budget Review for June. “The increase stems from … Read More
The 2020 tax filing season has been like no other, with the IRS taking “unprecedented and drastic” actions in response to the COVID-19 pandemic. This assessment comes from a recent Treasury Inspector General for Tax Administration (TIGTA) audit detailing the interim results of the 2020 tax filing season. The audit looked at the processing of … Read More