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πˆπ‘π’ π–πŽπβ€™π“ πŽπ…π…π’π„π“ π‘π„π‚πŽπ•π„π‘π˜ 𝐑𝐄𝐁𝐀𝐓𝐄 π‚π‘π„πƒπˆπ“π’ (𝐑𝐑𝐂𝐬) 𝐟𝐨𝐫 𝐃𝐄𝐁𝐓𝐒 (πŸ‘/πŸ‘πŸ/𝟐𝟎𝟐𝟏)

If a taxpayer didn’t receive an Economic Impact Payment (EIP), they could claim an RCC on their 2020 tax return. RRCs, like EIPS, were originally not to be reduced by any other obligations or debts. But in December, the law changed. And now the IRS can reduce the RRC claimed on a taxpayer’s 2020 federal […]

ππ„π‘π’πŽππ€π‹ ππ‘πŽπ“π„π‚π“πˆπ•π„ π„ππ”πˆππŒπ„ππ“ (𝐏𝐏𝐄) 𝐓𝐀𝐗 πƒπ„πƒπ”π‚π“πˆππ‹π„ (πŸ‘/πŸπŸ—/𝟐𝟎𝟐𝟏)

The purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. The amounts paid for personal protective equipment are also eligible to be paid or reimbursed under health flexible spending arrangements (health FSAs), Archer medical savings accounts (Archer […]

𝐖𝐇𝐀𝐓 π“πŽ πƒπŽ π€ππŽπ”π“ 𝐓𝐇𝐄 $𝟏𝟎,𝟐𝟎𝟎 π”ππ„πŒππ‹πŽπ˜πŒπ„ππ“ 𝐓𝐀𝐗 ππ‘π„π€πŠ ? (πŸ‘/πŸπŸ’/𝟐𝟎𝟐𝟏)

The American Rescue Plan provides that $10,200 of 2020 unemployment insurance will be tax free for those with Adjusted Gross Incomes (AGI’s) below $150,000. So what do you do if you already filed a tax return before the above was passed on March 11, 2021 and it wasn’t reflected in your return? According to the […]

π…πˆπ‹πˆππ† & ππ€π˜πˆππ† 𝐃𝐀𝐓𝐄 𝐄𝐗𝐓𝐄𝐍𝐃𝐄𝐃 𝐁𝐔𝐓 𝐁𝐄𝐖𝐀𝐑𝐄 (πŸ‘/𝟐𝟐/𝟐𝟎𝟐𝟏)

Individual taxpayers’ 2020 Federal tax return filing date is extended to May 17, 2021. And they can postpone federal income tax payments for the 2020 tax year to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and […]

π„π‚πŽππŽπŒπˆπ‚ πˆπŒππ€π‚π“ ππ€π˜πŒπ„ππ“ (π„πˆπ) 𝐅𝐑𝐀𝐔𝐃 & 𝐓𝐇𝐄𝐅𝐓𝐒 (πŸ‘/πŸπŸ•/𝟐𝟎𝟐𝟏)

U.S. authorities have detected a wide range of EIP-related fraud and theft. The following are examples of such activity: β€’ Fraudulent checks. Fraudsters send potential victims fraudulent checks, instructing the recipients to call a number or verify information online in order to cash the fraudulent EIP checks. Victims are asked for personal or banking information […]

$𝟏,πŸ’πŸŽπŸŽ 𝐑𝐄𝐁𝐀𝐓𝐄, $𝟏𝟎,𝟐𝟎𝟎 𝟐𝟎𝟐𝟎 𝐓𝐀𝐗-𝐅𝐑𝐄𝐄 π”ππ„πŒππ‹πŽπ˜πŒπ„ππ“ & 𝟐𝟎𝟐𝟏 π”ππ„πŒππ‹πŽπ˜πŒπ„ππ“ π„π—π“π„ππ’πˆπŽπ (πŸ‘/πŸπŸ“/𝟐𝟎𝟐𝟏)

The American Rescue Plan provides a number of beneficial tax provisions. The most immediately beneficial provisions are- $𝟏,πŸ’πŸŽπŸŽ π‘π„π‚πŽπ•π„π‘π˜ 𝐑𝐄𝐁𝐀𝐓𝐄. In addition to the $600 from earlier this year, another $1,400 will be distributed to eligible individuals. The payment amount starts falling when adjusted gross income (AGI) reaches $75,000 for single taxpayers, $112,500 for heads […]

π‡πŽπ”π’π„ π–π€π˜π’ & πŒπ„π€ππ’ π‚π‡π€πˆπ‘πŒπ€π πƒπ„πŒπ€ππƒπ’ πˆπ‘π’ 𝐄𝐗𝐓𝐄𝐍𝐃 𝐓𝐀𝐗 π…πˆπ‹πˆππ† πƒπ„π€πƒπ‹πˆππ„ (πŸ‘/𝟏𝟎/𝟐𝟎𝟐𝟏)

In a March 8 Press Release, House Ways and Means Committee Chairman Richard E. Neal and Oversight Subcommittee Chairman Bill Pascrell, Jr. demanded the IRS to extend the 2021 tax filing season due to pandemic strains on the IRS and taxpayers. The Press Release noted that as of the end of February, the number of […]

𝐖𝐇𝐀𝐓 π“πŽ πƒπŽ 𝐟𝐨𝐫 πŒπˆπ’π’πˆππ† 𝐨𝐫 πˆππ‚πŽπ‘π‘π„π‚π“ 𝐓𝐀𝐗 π…πŽπ‘πŒπ’ (πŸ‘/πŸ–/𝟐𝟎𝟐𝟏)

Taxpayers who haven’t received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. This also applies for those who received an incorrect W-2 or Form 1099. If they can’t get the forms, they must still file their tax return on time. To avoid filing an incomplete […]

𝐍𝐄𝐖 π˜πŽπ‘πŠ 𝐒𝐓𝐀𝐓𝐄’𝐒 𝐅𝐑𝐄𝐄 π•πˆπ‘π“π”π€π‹ 𝐓𝐀𝐗 π€π’π’πˆπ’π“π€ππ‚π„ (πŸ‘/πŸ‘/𝟐𝟎𝟐𝟏)

If a taxpayer’s 2020 income was $72,000 or less, they can receive free virtual tax assistance from the New York State Department of Tax and Finance (β€œDepartment”). The Department can help a taxpayer electronically prepare and file their 2020 federal and state income tax returns at no cost. With a pre-scheduled virtual webinar session using […]

𝐂𝐀𝐑𝐄𝐒 𝐀𝐂𝐓-𝐇𝐄𝐋𝐏 𝐟𝐨𝐫 ππ”π’πˆππ„π’π’ (πŸ’/𝟏/𝟐𝟎𝟐𝟎)

The CARES ACT provides help to individuals, businesses and small businesses. For businesses, the Cares Act provides the following: β€’ Employee Retention Credit for Employers Closed by COVID-19-An employer can claim a credit against applicable employment taxes for each calendar quarter equal to 50% of wages for each employee. β€’ Delay Payment of Employer Payroll […]