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Article Summary: Foreign-Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Types of Accounts Affected Form 8938 Filing Requirements All United States entities (including citizens and resident aliens as well as corporations, partnerships, and trusts) with financial interests in or authority over one or more foreign financial…

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…

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…

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…

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.…