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22 Aug 20

IRS CANCELS STIMULUS CHECKS ISSUED TO DECEDENTS

Article Highlights: Stimulus Payments to Deceased Individuals Stop Payments Being Made on Checks Already Issued IRS Authority to Deny Stimulus Payments to Deceased Individuals History of Stimulus Payments IRS Q&A Dealing with Deceased Individuals and the Return of the Payments According to the recently updated IRS FAQ page, the Treasury…
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06 Aug 20

Tax Deductions for Charity Volunteers

Tax Deductions for Charity Volunteers: What You Need to Know If you volunteered for a charity or governmental organization, especially during the COVID-19 pandemic, you may qualify for some tax deductions. While the IRS doesn’t allow you to deduct the value of the time you donate, certain expenses you incur…
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05 Aug 20

YOU SHOULD BE KEEPING HOME IMPROVEMENT RECORDS

Article Highlights: Keeping home improvement records Home gain exclusion amounts Records may be required to avoid tax Individuals who meet the 2-out-of-5-year use and ownership tests can exclude up to $250,000 ($500,000 if both filer and spouse qualify) of gain from the sale of their home, and generally don’t need…
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03 Aug 20

EMPLOYERS, DON’T MISS OUT ON THE WORK OPPORTUNITY CREDIT

Article Highlights: Potential Credit Eligible Employees Credit Determination Certification Process Other Issues The Taxpayer Certainty and Disaster Tax Relief Act of 2019 extended the Work Opportunity Tax Credit (WOTC) allowing employers who are willing to help disadvantaged individuals to benefit from a substantial federal tax credit. The WOTC is typically…
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