Unemployed by COVID-19? Special Benefits May Apply to You
Article Highlights: Pandemic Unemployment Assistance Benefit Extensions Self-employed Coverage Taxability Withholding – Estimated Payments The CARES Act includes Pandemic Unemployment Assistance (PUA) provisions that extend and supplement state-provided unemployment insurance and are intended to lessen the financial burdens on individuals who have lost their jobs because of the COVID-19 emergency by allowing states to extend […]
Paycheck Protection Program and Health Care Enhancement Act: What’s In It?
President Trump has signed the Paycheck Protection Program and Health Care Enhancement Act (PPP & HCE Act), a $484 billion package which was passed by both the Senate and the House the week of April 20, 2020. PPP & The CARES Act Following the passage of the $2.2 trillion CARES Act stimulus package at the end of […]
When Will I Get My Stimulus Check?
Article Highlights: Direct Deposit Stimulus Payments Reasons You May Not Be Receiving a Stimulus Payment Stimulus Payment Phase-Out Payment Schedule by Check Non-Filers The IRS has already sent out 80 million stimulus payments to taxpayers that included their direct deposit information on their most recently filed 2019 or 2018 return. So, if you had filed […]
Are You Eligible For a 2018 Tax Refund?
Article Highlights: Deduction for Mortgage Insurance Premiums Exclusion of Principal Residence Indebtedness Forgiveness Income Residential Energy Property Tax Credit Above-the-line Deduction for Tuition & Related Expenses More Favorable Kiddie Tax Computation Alternative Fuel Vehicle Refueling Property Tax Credit Qualified Fuel Cell Motor Vehicle Tax Credit 2-Wheeled (Motorcycle) Vehicle Tax Credit Tax Credit for Building New […]
Checking Your Federal Refund Status Is Easy
Article Highlights 24/7 Access Quick Posting Direct Deposit Necessary Information If you have already filed your federal tax return and are due to receive a refund, you can check the status of your refund online. Where’s My Refund? is an interactive tool on the IRS website. Regardless of whether you have split your refund among several […]
Video: The Latest on Missing IRS Rebate Checks
If you had filed either your 2019 or 2018 return before the direct deposits were issued, you should already have the money in the bank, UNLESS: Watch the video for details.
Forced to Return to U.S. From a Foreign Job? IRS Has Provided Time Waivers for Exclusion
Article Highlights: Foreign Income Exclusion COVID-19 Interference Maximum Exclusion Waivers Example The IRS has provided relief for taxpayers who were working abroad and returned to the U.S. because of the COVID-19 pandemic before meeting the foreign residency requirements that would qualify them to exclude or deduct all or a portion of the income they earned […]
Unraveling the Economic Impact Payment Confusion
Article Highlights: Background How to Compute the Payment Advance Payments Based on 2019 or 2018 Tax Returns Advance Payments for Retirees, Disabled and Veterans Advance Payments for Non-filers Schedule Payment by Check 2020 Return Payment Reconciliation Millions of Americans have already received their economic impact payments authorized by the Coronavirus Aid, Relief, and Economic Security […]
New $3 Trillion Coronavirus Relief Bill Proposed by House Democrats
As the coronavirus continues to lay waste to the American economy, legislators are hoping to provide additional relief and to shore up the country’s healthcare system. To that end, Democrats in the House of Representatives have proposed a new relief bill encompassed in an 1,800-page document. The entire body voted on this bill on May […]
Big Tax Break for Adoptive Parents
Article Highlights: Qualifying Adoptions Credit Amount Credit Carryover Qualifying Expenses High-Income Credit Phase-out Employer Adoption Assistance Program Failed Adoptions Foreign Adoptions If you are an adoptive parent or are planning to adopt a child, you may qualify for a substantial income tax credit. The amount of the credit is based on the expenses incurred that […]