Category Archive

The IRS is planning to bring important changes to Form 1099-K filings. Prior to this update, the IRS required each payment settlement entity (PSE), aka credit card processing companies, to send Form 1099-K to both the IRS and the recipient (or customer) if the PSE has processed payments amounting to at least $20,000 and at least 200 transactions per customer … Read More

Estimated tax payments are still due April 15th!The extension to May 17, 2021 for individuals to file their 2020 federal income taxes does not apply to estimated tax payments. Form 2021 Form 1040-ES can help taxpayers estimate their first quarterly payment. Income taxes are pay-as-you-go. So taxes must ne paid as income is earned or received during the year. Most … Read More

The American Rescue Plan Act (ARPA)  went into effect in March 2021. This bill introduced a $1.9 trillion COVID-19 relief package designed to help boost the economy amidst the effects of the pandemic. Among other things, the act affects tax planning for individuals who are unemployed and for people who have children. It also authorized the sending of a third … Read More

The Paycheck Protection Program Extension Act passed overwhelmingly in the Senate, following a similar passage in the House. The PPP Extension Act will allow small businesses to continue applying for aid through the end of May and the SBA to process applications through June. The bill has been sent to President Biden for signing. There is nearly $79 billion left … Read More

The IRS will Handle Unemployment Returns, Don’t Amend Returns that reported unemployment benefits prior to the $10,200 exclusion enactment should not be amended. The IRS has indicated it will refigure taxes on these returns and adjust the taxpayer’s account accordingly. The IRS will then send any refund amount directly to the taxpayer. And now the not so good news; The IRS … Read More

Federal filing and payment deadlines have been delayed. Will the states delay filing deadlines also? New security concerns about scammers that are after the/your Economic Impact Payments (EIP). New EIP & Child Tax tax credits and payments are taking effect. (How much & when are you entitled to receive?)  Retroactive unemployment payments face problems sorting out the reporting requirements. AND … Read More

The Internal Revenue Service has pushed back the tax-filing deadline until May 17 after heavy pressure from Congress and tax and accounting groups. The move will give taxpayers and tax professionals an extra month after the original deadline of April 15. May 15 falls on a Saturday, so the date was moved up until Monday, May 17. Last year, the … Read More

Extra Extra! Read all about it! New Exclusion of up to $10,200 of Unemployment Compensation If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up … Read More

Leaders of the House Ways and Means Committee and accounting groups are calling for extending the tax deadline to give the IRS, taxpayers and tax professionals an extra three months. On Monday, the House Ways and Means Committee urged the IRS to extend the 2021 tax filing season until July 15, noting that the COVID-19 pandemic is continuing to impose … Read More

It is inevitable that conflicts and disagreements with coworkers will crop up no matter if you work from home or in an office.  Whether conflicts stem from miscommunication, clashing priorities, or personality differences, it’s important for your sake, your team members’ sake, and the sake of the company that you resolve the issue professionally and courteously. Here are a few … Read More