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Weekly Market Insights: Stalemate in the Capitol
Higher bond yields and a legislative stalemate in Washington, D.C., added up to losses for the week.The Dow Jones Industrial Average declined 1.36%, while the Standard & Poor’s 500 lost 2.21%. The Nasdaq Composite index fell...
Read MoreJuly 15th 2020 Filing & Payment Deadline Approaching
In response to the COVID-19 (coronavirus) pandemic and the National Emergency declaration, the IRS and U.S. Treasury moved the deadline for filing 2019 federal tax returns and paying any tax due from April 15 to July 15, 2020. The...
Read MoreIRS Economic Impact Payments – Veterans and Social Security/SSI Recipients Receiving Automatic Payme
The IRS is continuing to send COVID-19 Economic Impact Payments (EIPs, also called stimulus payments) to millions of Americans weekly. The vast majority of eligible recipients will get their EIPs automatically without taking any action...
Read MoreWhy Your Economic Impact Payment (EIP) Amount May Be Different Than You Expected
Throughout April and May, the IRS delivered well over 100 million Economic Impact Payments (EIPs, also called stimulus payments) to Americans. It was widely publicized that many individual taxpayers would receive EIPs in the amount of...
Read MoreScams Related to COVID-19 and Economic Impact Payments
The impacts of the COVID-19 (coronavirus) pandemic have caused economic hardship and uncertainty for millions of Americans. Unfortunately, scammers constantly seek new ways to target those in need. The IRS has therefore warned all...
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Upcoming Tax Deadlines
June 10 Employees Who Work for Tips – If you received $20 or more in tips during May, report them to your employer. You can use Form 4070. 15 Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit...
Read MoreRaised Starting Age for Required Distributions
The 2019 SECURE Act raised the age at which those with qualifying retirement plans must begin taking annual required minimum distributions (RMDs) from 70 ½ to 72 years. If you turned 70 ½ in 2019, you must still take your...
Read MoreAdditional Guidance on Business Deductions for Meals and Entertainment
The Tax Cuts and Jobs Act (TCJA) of 2017 placed new restrictions on business deductions for meals and entertainment expenses associated with meeting current or potential clients, customers, consultants and other business contacts. In...
Read MoreHow to Prevent Identity Theft & Protect Your Private Information
Identity theft is a constant threat in today’s world, and the threat only grows during tax season. As part of its “Taxes + Security = Together” campaign, the IRS recently published a list of recommendations to help...
Read MoreYour Taxpayer Bill of Rights – 10 IRS Rules That Protect You
The US Treasury operates under a Taxpayer Bill of Rights to ensure that the IRS applies and enforces the US Tax Code in a fair, impartial manner. These rights protect you during all your interactions with the IRS, including filing...
Read MoreUpcoming Tax Deadlines
March 02 Farmers and Fishermen – File your 2019 income tax return (Form 1040 or Form 1040-SR) and pay any tax due. However, you have until April 15 to file if you paid your 2019 estimated tax by January 15, 2020. 02 Health...
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