COVID-19: IRS Provides Relief from Enforcement Actions

During the COVID-19 pandemic, the last thing you need is the IRS doing bad things, like auditing you or levying your bank account or wages. But don’t worry—the IRS is pausing most of its collection and audit enforcement actions. Installment Agreements If you have an installment agreement with the IRS, then the IRS is suspending your payments due between April 1 and July 15, 2020. […]

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COVID-19: CARES Act Allows $100,000 Tax-Free IRA Grab and Repay

Bradford Tax Institute April 2020   COVID-19: CARES Act Allows $100,000 Tax-Free IRA Grab and Repay More Relief: Retirement Account Required Minimum Distribution Rules Suspended for 2020 The $2 trillion COVID-19 economic recovery bill finally made it through Congress and was signed into law by President Donald Trump on March 27. The legislation is titled the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). […]

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COVID-19: New SBA Loans for Small Businesses – Maybe a Great Deal

Mary Lee Miller EA LLC April 3, 2020 Dear Client: The COVID-19 pandemic has upended all aspects of life around the world, including the worldof business here in the U.S. If your business is struggling, you may be able to get some help from the federal Small BusinessAdministration (SBA), which is authorized to provide loans to small businesses on an as-neededbasis. There are two types […]

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COVID-19: Tax Season Delayed Until July 15 – Wait or file now?

Mary Lee Miller EA LLC04-02-2020 Dear Client: As you know, the COVID-19 pandemic has shut down much activity in the United States.The IRS decided to use its authority in a national emergency to postpone certain tax return filingsand payments. This change affects every one of you, and the rules are tricky—after all, this is taxlaw. We’ll explain who gets relief; what the IRS postponed; and […]

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Payment Deadline Extended to July 15, 2020

e-News for Tax Professionals March 18, 2020 Inside this Issue The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the […]

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Filing Your Taxes Early: What You Need To Know

Dec 23, 2019, 09:20am Robert FarringtonSenior Contributor Personal Finance I write about personal finance, college and student loan debt. Ready to get your taxes squared away and get your hands on your refund (and maybe avoid getting a tax refund loan)? It’s possible you’ll make some progress early on, but you need to make sure you have all the required paperwork for your return before you […]

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Tax Tip 2019-170: Here’s how taxpayers can avoid the hooks of phishing scams

IRS Tax Tip 2019-170, December 4, 2019 Knowledge and awareness. Those two things can protect taxpayers and their family members from getting caught up in a phishing scam. A phishing scam is often an unsolicited email or a website that looks like a legitimate site designed to trick users. The scams convince people into providing personal and financial information. Scam emails can arrive to personal […]

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4 Costly Tax Mistakes to Avoid

Don’t end up making your tax bill worse than it already is. Christy Bieber (TMFChristyB) Nov 3, 2019 at 11:05AM Author Bio No one likes to pay taxes, and you definitely don’t want to pay more than you actually owe. Unfortunately, the tax code is really complicated in the United States, so it’s far too easy to make a costly mistake.Simple errors could cost hundreds […]

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Is The IRS Targeting Crypto Investors? Yes. But Here’s How To Legally Trade Tax-Free

Joresa Blount Aug 26, 2019, 05:04am After Coinbase released data on over 14,000 users to the Internal Revenue Service in 2018, cryptocurrency traders have been bracing for what’s to come next regarding IRS enforcement, as reported by The Wall Street Journal. The first and second wave of that enforcement seems to have recently landed in thousands of mailboxes nationwide. IRS Letter 6174 is designed to […]

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After a divorce, only one parent can claim child-related tax breaks

Aug 5, 2019 11:08 a.m. ET By BILL BISCHOFF To qualify, over half the child’s support for the year must be provided by one or both parents.  For tax purposes, a child is usually treated as “belonging” to the parent who has custody for the greater part of the year. Divorces cause tax issues, including which parent is allowed to claim valuable child-related tax breaks. […]

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