IRS Urges Quick Action to Register Children for $500 Payment

Marci RomneyBlog

The Internal Revenue Service and the Treasury Department are urging recipients of Social Security benefits, as well as railroad retirement and veterans benefits recipients, to act quickly to register their children online with the IRS by noon Eastern Time on April 22 if they haven’t already filed a 2018 or 2019 tax return, so they can receive an extra $500 … Read More

IRS Introduces Get My Payment to Track Stimulus Payments

Marci RomneyBlog

The Internal Revenue Service, working with the Treasury Department, announced the new tool Get My Payment, enabling taxpayers to check on their Economic Impact Payment date and update direct deposit information. Get My Payment will help taxpayers track the Economic Impact Payments as they start to hit bank accounts, and will answer common questions. It will also show the projected … Read More

IRS not processing paper tax returns due to coronavirus

Marci RomneyBlog

The Internal Revenue Service has stopped processing paper tax returns, with much of its staff now working remotely because of the novel coronavirus pandemic, and is encouraging taxpayers to file their taxes electronically during the three-month extension period for this year’s tax season. The IRS said Friday that to protect the public and its own employees, and in compliance with … Read More

Essential Practices to Respond Effectively in a Crisis

Marci RomneyBlog

Recently, Mary C. Daly, CEO of the Federal Reserve bank of San Francisco, answered questions about leadership and handling crisis situations.  In response to the question “What would you say are the essential leadership practices required to respond effectively in a crisis?” Daly gave insightful and helpful tips and tactics.   The first piece of advice she gave is essential: “The … Read More

U.S. Small Business Administration offering assistance during Coronavirus

Marci RomneyBlog

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus. The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. … Read More

The Coronavirus Aid, Relief, and Economic Security (CARES) Act

Marci RomneyBlog

As of now, the stimulus coronavirus bill includes cash totaling $301 billion per the Tax Foundation (a think tank that has modeled the proposal). However, not everyone will be receiving a check due to two significant requirements: 1- a phase-out as income increases and 2- filing an income tax return. At first glance, the plan’s provisions seem simple. Adults would … Read More

Utah Tax Filing Deadline Extended

Marci RomneyBlog

After consulting with the Governor, the President of the Senate and the Speaker of the house, the Utah State Tax Commission intends to extend the Tax Filing Deadline to July 15 to follow the federal government’s tax filing and payment action in response to COVID-19.  For more information about the IRS decision to extend tax day to July 15th without … Read More

Tax Day Moved to July 15

Marci RomneyBlog

This morning Treasury Secretary Steven Mnuchin tweeted that under President Trump’s direction, “we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” Earlier this week, as a result of the coronavirus pandemic, the administration moved the payment date to July 15 … Read More

IRS Proposes New Rules for Deducting Meals and Entertainment

Marci RomneyBlog

The Internal Revenue Service has released a set of proposed regulations for businesses to follow when deducting meals and entertainment, in response to the 2017 tax overhaul. The Tax Cuts and Jobs Act got rid of the deduction for any expenses related to activities typically considered to be for entertainment, amusement or recreation. It also restricted the deduction for expenses related to … Read More