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30 Sep 20

STILL WAITING FOR THE IRS TO CASH YOUR CHECK?

Article Highlights: IRS’s Unopened Mail Backlog Uncashed Checks Dishonored Payment Penalty IRS Relief for Taxpayers During the COVID-19 pandemic, the IRS has furloughed many of its employees or had them work from home to mitigate the spread of the virus. Many IRS offices remained shuttered for months, and a backlog…
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29 Sep 20

OCTOBER 2020 BUSINESS DUE DATES

October 15 – Corporations File a 2019 calendar year income tax return (Form 1120 or 1120-A) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an additional 3-month extension by July 15th. October 15 – Taxpayers with Foreign Financial Interests  If you…
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29 Sep 20

OCTOBER 2020 INDIVIDUAL DUE DATES

October 13 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 13. Your employer is required to withhold FICA…
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29 Sep 20

READY FOR THE 1099-NEC?

Article Highlights: 1099-NEC Has Been Resurrected Non-Employee Compensation Combating Fraudulent Filings Due Dates Form W-9 Penalties 1099 Worksheet The Internal Revenue Service has resurrected a form that has not been used since the early 1980s, Form 1099-NEC (the NEC stands for non-employee compensation). This form will be used to report…
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10 Sep 20

DO YOU KNOW UNEMPLOYMENT BENEFITS ARE TAXABLE?

Article Highlights: CARES Act Unemployment Benefits States Taxation of Unemployment Will Unemployment Be Taxable? With the passage of the CARES Act stimulus package earlier this year, the federal government added $600 to the normal state weekly unemployment benefits and increased the number of benefit weeks to a total of 39.…
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