NexusUnited

07 Jul 20

Here’s What Could Happen If You Try to Short-Change the IRS

Article Highlights: Self-employed taxpayers Underreported income Unscrupulous tax preparers Phony deductions or credits Inflating the Earned Income Tax Credit Taking fake education credits Petty cheating Some refer to it as “creative accounting” or just “a little fudging here and there,” but if your tax return is missing some income that…

27 Mar 20

Coronavirus checks, direct deposits are coming. Here’s everything you need to know.

Who qualifies? How much is being sent? When? How will I get the money? Questions and answers. WASHINGTON — As the coronavirus crisis ravages the U.S. economy, millions of Americans are urgently awaiting financial help from Congress in the form of direct cash payments. Congressional leaders and President Donald Trump…

27 Mar 20

What’s in the $2 trillion Coronavirus stimulus bill

(CNN) Congressional lawmakers put the finishing touches on a $2 trillion stimulus bill to respond to the coronavirus pandemic, with cash and assistance for regular Americans, Main Street businesses and hard-hit airlines and manufacturers, among others. The Senate passed the bill, 96-0, and the House is set to follow suit…

25 Mar 20

Senate stimulus deal includes individual checks — but don’t expect the money until at least May

Washington (CNN)Lawmakers struck a $2 trillion stimulus deal early Wednesday that includes sending checks directly to individuals amid the coronavirus crisis — but it will likely take until at least May before the money goes out. Under the plan as it was being negotiated, single Americans would receive $1,200, married…

25 Mar 20

Tax Filing and Payment Deadlines in 2024

Filing and Payment Deadlines: Questions and Answers Navigating the complexities of tax filing and payment deadlines is crucial for both individuals and businesses. Meeting these deadlines ensures compliance with tax regulations and helps avoid unnecessary penalties. However, many taxpayers find these deadlines overwhelming due to their varying nature and the…

13 Jan 20

Expecting a Tax Refund in 2020? Here’s How Soon You Can File Your Tax Return

Tens of millions of Americans will get tax refunds when they file their 2019 tax returns, and given that the average one was over $2,800 last year, it’s understandable why people might want to get their money as quickly as possible. Unfortunately, you can’t simply file your tax return in…

08 Jan 20

IRS Issues 2020 Standard Mileage Rates for Business, Moving, Medical and Charity Deductions

The Internal Revenue Service has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks)…

08 Jan 20

IRS to Open Tax Season Jan. 27, 2020

The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, Jan. 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April…

23 Dec 19

If you’re a business owner, grab this 20% tax break before the year ends

KEY POINTS The 20% qualified business income deduction went into effect in 2018. Businesses with pass-through entities — including S-corporations and LLCs — may qualify. If you’re an entrepreneur with 2019 taxable income below $160,700 if single or $321,400 if married and filing jointly, you may qualify. More than 15…

29 Mar 19

Congress Introduces Bill To Improve Experiences For Taxpayers And Modernize The IRS

U.S. Senate Finance Committee Chair Chuck Grassley (R-IA) and Senator Ron Wyden (D-OR) have introduced legislation aimed at improving experiences for taxpayers. The bill, referred to as the Taxpayer First Act of 2019, is intended to modernize the Internal Revenue Service (IRS) and strengthen taxpayer protections. Here’s a quick peek at…