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𝐑𝐄𝐅𝐔𝐍𝐃𝐒 π–π€πˆπ“πˆππ† 𝐟𝐨𝐫 π“π‡πŽπ’π„ π–π‡πŽ 𝐇𝐀𝐕𝐄𝐍’𝐓 π…πˆπ‹π‹π„πƒ πŸπŸŽπŸπŸ• 𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍𝐒 (πŸ’/πŸπŸ’/𝟐𝟎𝟐𝟏)

Unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 Form 1040 federal income tax return. In cases where a federal income tax return was not filed, the law provides most taxpayers with a three-year window of opportunity to claim a tax refund. If […]

𝟏𝟎𝟎% π“π„πŒππŽπ‘π€π‘π˜ ππ”π’πˆππ„π’π’ πŒπ„π€π‹ πƒπ„πƒπ”π‚π“πˆπŽπ π†π”πˆπƒπ€ππ‚π„ π„π—ππ‹π€πˆππ„πƒ (πŸ’/𝟏𝟐/𝟐𝟎𝟐𝟏)

The IRS has provided guidance on the temporary 100-percent deduction for food or beverage expenses that are paid or incurred after December 31, 2020, and before January 1, 2023 provided by a restaurant. The guidance also explains when the temporary 100-percent deduction applies and when the 50-percent limitation applies. The 100% deduction applies to any […]

πŽπ“π‡π„π‘ 𝐓𝐀𝐗 πƒπ„π€πƒπ‹πˆππ„π’ 𝐟𝐨𝐫 πˆππƒπˆπ•πˆπƒπ”π€π‹π’ 𝐄𝐗𝐓𝐄𝐍𝐃𝐄𝐃 𝐭𝐨 πŒπ€π˜ πŸπŸ• (πŸ’/πŸ•/𝟐𝟎𝟐𝟏)

Individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund. Time for IRA and health savings accounts contributions is extended to May 17 In extending the deadline to file Form 1040 series returns to May 17, the […]

𝐖𝐄 𝐆𝐄𝐓 𝐚 𝟏 πŒπŽππ“π‡ π„π—π“π„ππ’πˆπŽπ 𝐚𝐧𝐝 𝐭𝐑𝐞 π‘πˆπ‚π‡ 𝐆𝐄𝐓 𝐚 β€œπ…π‘π„π„ π‘πˆπƒπ„β€ (πŸ’/πŸ“/𝟐𝟎𝟐𝟏)

The Treasury Inspector General for Tax Administration (TIGTA) reports that the IRS is missing taxes owed by high-income taxpayers. Billions in taxes are uncollected. TIGTA identified 685,555 taxpayers who had a balance due as of May 14, 2019. These taxpayers reported adjusted gross income (AGI) of $200,000 or more and owed a combined total of […]

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 […]