Coronavirus Tax Filing & Payment

17 Sep

Coronavirus Tax Filing & Payment, Individual Tax

Tax Implications of Working From Home and Collecting Unemployment

Posted by cgadmin
September 16, 2020

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told not to come...

14 Sep

Coronavirus Tax Filing & Payment, Employer

Employers Should Approach Payroll Tax Deferral Cautiously

Posted by cgadmin
September 14, 2020

As you’re probably aware, President Trump signed an executive memorandum on August 8 creating a payroll tax deferral. The development has brought with it much uncertainty regarding administrative compliance and the long-term impact of...

12 Sep

Coronavirus Tax Filing & Payment, Federal Tax

Haven’t Filed Your 2019 Return Yet?

Posted by cgadmin
September 11, 2020

Do you owe taxes, but haven’t filed your 2019 return yet? Act now to avoid larger penalties that, by law, start after Sept. 14. (The tax deadline was July 15 this year due to...

10 Sep

Coronavirus Tax Filing & Payment, Federal Tax

Concerns Regarding Payroll Tax Deferral

Posted by cgadmin
September 9, 2020

There are concerns NOT covered by the recent IRS guidance on the optional payroll tax deferral. The IRS issued Notice 2020-65 regarding the postponement of withholding and remittance of the employee’s share of Social...

01 Sep

Coronavirus & Nonprofits, Coronavirus Tax Filing & Payment, Federal Tax

2020 Form 1040 Draft

Posted by cgadmin
August 31, 2020

The IRS has issued a draft of the 2020 Form 1040 that allows taxpayers to claim the new charitable contribution deduction. Under the CARES Act, taxpayers who don’t itemize their deductions can take a...

31 Aug

Coronavirus Tax Filing & Payment, Helpful COVID-19 Links

The IRS Issues Guidance on the Executive Action Deferring Payroll Taxes

Posted by cgadmin
August 31, 2020

On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The...

24 Aug

Coronavirus Tax Filing & Payment, Federal Tax

Tax Refund Interest Payments

Posted by cgadmin
August 24, 2020

The IRS is sending tax refund interest payments. The IRS announced the payments will be made to about 13.9 million individual taxpayers. The interest payments, averaging about $18, will be made to individuals who...

22 Aug

Coronavirus Tax Filing & Payment, Federal Tax

IRS Reopens Registration Period for Child EIPs

Posted by cgadmin
August 20, 2020

The IRS has reopened the registration period for those who didn’t receive $500-per-child Economic Impact Payments (EIPs) earlier this year. Certain federal benefit recipients are urged to use the IRS’s “Non-Filers tool” from 8/15/20...

21 Aug

Coronavirus Tax Filing & Payment, Federal Tax, Helpful COVID-19 Links

IRS Updates EIP Webpage to Help Those Without Stimulus Payments

Posted by cgadmin
August 20, 2020

The IRS has updated its Economic Impact Payment webpage to help people who haven’t received COVID-19 stimulus payments. A new FAQ details a paper alternative to the “Non-Filers tool” for individuals who weren’t required...

18 Aug

Coronavirus Tax Filing & Payment, Federal Tax

Can I Claim a Home Office Tax Deduction?

Posted by cgadmin
August 13, 2020

With millions of taxpayers working from home due to COVID-19, many people may be wondering about the possibility of claiming a home office deduction on their 2020 tax returns. In a tax tip, the...

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