TAX CONSEQUENCES OF LOSING YOUR JOB
Article Highlights: Severance Pay Unemployment Compensation Health Insurance Employer Pension Plan Coronavirus-related Distributions Home Sale If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes …
HOW TO FILE TAXES AFTER MOVING TO A NEW STATE
Moving to a new state can be an awesome new adventure. Whether you are moving for a new job, to be closer to family, to retire, or for some other reason. No matter what takes you to your new residence, you can’t …
10 TIPS FOR BETTER BUDGETING
If you already have a budget, it’s probably been difficult for you to stick with it for the last several months. Unless you provide products and/or services that have been in great demand since the COVID-19 pandemic took hold, you’ve had to …
FOREIGN ACCOUNT REPORTING DUE OCTOBER 15
Article Summary: Foreign-Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Types of Accounts Affected Form 8938 Filing Requirements All United States entities (including citizens and resident aliens as well as corporations, partnerships, and trusts) with financial interests in …
ACTUALLY, A RECESSION IS A GREAT TIME TO LAUNCH THAT NEW STARTUP
It’s safe to say that there are a lot of people worried about an impending global recession thanks to the economic slowdown that the ongoing COVID-19 pandemic has brought with it – and your average entrepreneur and startup founder is chief among …
STILL WAITING FOR THE IRS TO CASH YOUR CHECK?
Article Highlights: IRS’s Unopened Mail Backlog Uncashed Checks Dishonored Payment Penalty IRS Relief for Taxpayers During the COVID-19 pandemic, the IRS has furloughed many of its employees or had them work from home to mitigate the spread of the virus. Many IRS …
OCTOBER 2020 BUSINESS DUE DATES
October 15 – Corporations File a 2019 calendar year income tax return (Form 1120 or 1120-A) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an additional 3-month extension by July 15th. October 15 …
OCTOBER 2020 INDIVIDUAL DUE DATES
October 13 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October …
READY FOR THE 1099-NEC?
Article Highlights: 1099-NEC Has Been Resurrected Non-Employee Compensation Combating Fraudulent Filings Due Dates Form W-9 Penalties 1099 Worksheet The Internal Revenue Service has resurrected a form that has not been used since the early 1980s, Form 1099-NEC (the NEC stands for non-employee …
OCTOBER’S EXTENDED DUE DATE IS FAST APPROACHING
Article Highlights: October 15 extended due date for filing federal individual tax returns for 2019. Late-filing penalty. Interest on tax due. Other October 15 deadlines. Because of the COVID-19 pandemic emergency, the IRS postponed the original due date for filing 2019 returns …
