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πˆπƒπ„ππ“πˆπ“π˜ ππ‘πŽπ“π„π‚π“πˆπŽπ πˆπƒπ¬ 𝐟𝐨𝐫 𝐀𝐋𝐋 π„π‹πˆπ†πˆππ‹π„ π“π€π—ππ€π˜π„π‘π’ (𝟏/𝟐𝟏/𝟐𝟎𝟐𝟏)

The Identity Protection PIN Opt-In Program is now available to all taxpayers who can verify their identities. The Identity Protection PIN (IP PIN) is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayers’ personally identifiable information. The IP PIN […]

π…π„ππ‘π”π€π‘π˜ 𝟏- πˆπ’π’π”π„ & π…πˆπ‹π„ π„πŒππ‹πŽπ˜π„π„ 𝐖𝐀𝐆𝐄 π’π“π€π“π„πŒπ„ππ“π’ (𝟏/πŸπŸ—/𝟐𝟎𝟐𝟏)

Employers must file Form W-2 and other wage statements byΒ Monday, February 1, 2021. This is also the date Form W-2s are due to employees. Employers are required to file copies of theirΒ Form W-2, Wage and Tax Statement, andΒ Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31. However, since […]

𝐍𝐉 π„π‚πŽππŽπŒπˆπ‚ π‘π„π‚πŽπ•π„π‘π˜ 𝐀𝐂𝐓 𝐨𝐟 𝟐𝟎𝟐𝟎 (𝟏/πŸπŸ‘/𝟐𝟎𝟐𝟏)

New Jersey has enacted the Economic Recovery Act of 2020. It provides economic help for small businesses and supports economic recovery and growth for much of the next decade. A new program called the Main Street Recovery Finance Program provides a direct $50 million appropriation for grants, loans, loan guarantees, and technical assistance to small […]

𝐍𝐎 π‘π„ππ€π˜πŒπ„ππ“ 𝐨𝐟 𝐄𝐗𝐂𝐄𝐒𝐒 π„π‚πŽππŽπŒπˆπ‚ πˆπŒππ€π‚π“ ππ€π˜πŒπ„ππ“π’ ππ„π‚π„π’π’π€π‘π˜ (𝟏/𝟏𝟏/𝟐𝟎𝟐𝟏)

Don’t worry if the Economic Impact Payments (EIPs) you received exceed the amount you are entitled to when you calculate the proper amount on your 2020 tax return. The COVID-19 Relief law deals with EIP overpayments with new Internal Revenue Code Sec. 6428A. ADDITIONAL 2020 RECOVERY REBATES FOR INDIVIDUALS. Sec. 6428A(e)(1) states (in relevant part): […]

π…πŽπ‘π„πˆπ†π π•πˆπ‘π“π”π€π‹ π‚π”π‘π‘π„ππ‚π˜ π€π‚π‚πŽπ”ππ“π’ π’πŽπŽπ π“πŽ 𝐁𝐄 π‘π„ππŽπ‘π“π€ππ‹π„ (𝟏/πŸ•/𝟐𝟎𝟐𝟏)

Presently, there is no requirement to report a foreign virtual currency account. But, this will change shortly. The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury, intends to propose to amend the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts (FBAR) to include virtual currency as a […]

π„π‚πŽππŽπŒπˆπ‚ πˆπŒππ€π‚π“ ππ€π˜πŒπ„ππ“π’-𝐏𝐀𝐑𝐓 𝟐 (𝟏/πŸ“/𝟐𝟎𝟐𝟏)

The IRS and the Treasury Department have been delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments in 2020. Payments will be made by direct deposit, paper checks or debit cards. For […]

ππˆπ† π‡πŽπŒπ„ 𝐒𝐀𝐋𝐄𝐒 π†π€πˆππ’ & 𝐭𝐑𝐞 π’π”π‘π•πˆπ•πˆππ† π’ππŽπ”π’π„ (𝟏𝟐/πŸπŸ”/𝟐𝟎𝟐𝟎)

Does the loss of a spouse cut off the widowed spouse’s opportunity to avoid up to $500,000 in gain on the home’s sale? Not if the general rules are met (see, https://www.irs.gov/businesses/small-businesses-self-employed/sale-of-residence-real-estate-tax-tips) and two additional favorable terms are satisfied if needed. TIME REQUIREMENT If a widowed taxpayer doesn’t meet the 2-year ownership and residence requirements […]

π€π•πŽπˆπƒπˆππ† ππˆπ† π‡πŽπŒπ„ 𝐒𝐀𝐋𝐄 π†π€πˆππ’ (𝟏𝟐/πŸπŸ’/𝟐𝟎𝟐𝟎)

With home sales booming, sellers may qualify to exclude all or part of any gain from the sale of their main home. The main home is the one in which you live most of the time. Here are the primary requirements- Ownership and Use Tests To claim the exclusion, you must meet the ownership and […]

πˆπƒπ„ππ“πˆπ“π˜ ππ‘πŽπ“π„π‚π“πˆπŽπ 𝐏𝐈𝐍𝐬 ππŽπ’π’πˆππ‹π„ 𝐟𝐨𝐫 𝐀𝐋𝐋 π“π€π—ππ€π˜π„π‘π’ (𝟏𝟐/πŸ—/𝟐𝟎𝟐𝟎)

Beginning in January, the IRS is expanding the Identity Protection (IP) PIN Opt-In Program to all taxpayers who can properly verify their identities to enhance security. The IP PIN is a six-digit number assigned to eligible taxpayers to help prevent the misuse of their Social Security number on fraudulent federal income tax returns. An IP […]

𝐒𝐓𝐔𝐃𝐄𝐍𝐓 π‹πŽπ€π π…πŽπ‘ππ„π€π‘π€ππ‚π„ 𝐄𝐗𝐓𝐄𝐍𝐃𝐄𝐃 π“π‡π‘πŽπ”π†π‡ π‰π€ππ”π€π‘π˜ πŸ‘πŸ, 𝟐𝟎𝟐𝟏 (𝟏𝟐/πŸ•/𝟐𝟎𝟐𝟎)

The Department of Education has announced the extension of the federal student loan administrative forbearance period, the pause in interest accrual, and the suspension of collections activity through January 31, 2021. Federal student loan borrowers will not be expected to make payments through January of next year, though they will continue to be able to […]