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IRS starts refunds for tax returns claiming unemployment benefits The Internal Revenue Service is starting to provide tax refunds to taxpayers who paid taxes on their 2020 unemployment benefits that recent legislation later excluded from taxable income.

Accountants help restaurants apply for new SBA grants The Small Business Administration plans to begin accepting applications Monday for a new program to help hard-hit restaurants reopen during the pandemic, and some firms are preparing clients to apply.

10 Numbers That Sum Up The Dire Backlog At The IRS—And Its Impact On Taxpayers—As The May 17th Deadline Approaches The agency is answering just one in 50 calls for help on its individual tax return phone lines.

Deadline for Forms 1099-MISC and 1099-NEC is Feb. 1, 2021 Businesses have until Feb. 1, 2021, to file the revised Form 1099-MISC, Miscellaneous Income, and the new Form 1099-NEC, Nonemployee Compensation, and provide copies to the recipients.

IRS to delay tax season until Feb. 12 The Internal Revenue Service plans to open filing season on Feb. 12, although it is making its Free File program available starting Friday.

Here's why a nightmare tax season is ahead for small businesses Though the CARES Act offered small businesses a lifeline, but it's going to come with tax complexity next spring. It's time to hire an expert.

The IRS effectively canceled the tax break that made PPP loans so valuable More than 500 national, regional, and state trade associations recently signed a letter pleading with congressional leaders to act.

Trade groups push lawmakers for deductibility of PPP loan business expenses Hundreds of business groups are asking Congress to pass legislation that would allow firms to deduct PPP loan business expenses.

Pelosi and McConnell resume talks as Congress rushes to strike a Covid stimulus deal Mitch McConnell and Nancy Pelosi spoke Thursday as Congress rushes to strike a coronavirus stimulus deal and avoid a government shutdown.

Congress Blasts IRS for Limits on Forgiven PPP Loan Tax Breaks The top Republican and Democrat on the Senate Finance Committee said the Treasury Department “missed the mark” in new guidance that limits tax breaks for businesses that get their Paycheck Protection Program loans forgiven.

California Legislators Propose 0.4% Wealth Tax, Plus 16.8% Income Tax Rate California seeks to increase it’s already stratospheric top 13.3% income tax to 16.8%, and the latest new tax the golden state wants to collect is a .4% wealth tax. The “leader” in state taxes already, this would be first-in-the nation wealth tax targeting the very wealthy.

New Legislation Would Grant Automatic Forgiveness of PPP Loans Under $150,000 The smallest of small businesses may be able to avoid hassling with additional documents, worksheets and payroll/tax forms.

20 IRS Audit Red Flags | Kiplinger There's no sure way to avoid an IRS audit, but these red flags could increase your chances of drawing unwanted attention from the IRS.

What to Do if You Can't Pay Your Taxes Because of Coronavirus The survey also found that more than a third of taxpayers (37%) do not have the resources to pay 2019 taxes owed despite the deadline being extended to July 15th.

IRS Continues Sending Stimulus Payment Debit Cards: Watch for Plain Envelopes Nearly 4 million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of which taxpayers received a debit card was made by the Bureau of the Fiscal Service, a part of the Treasury ...

Consumer Confidence Stabilized in May But just 14% of respondents said they expected their incomes to increase in the next six months, the smallest share since 2013. “Consumers remain concerned about their financial prospects,” Franco said.

Will I Owe the IRS Tax on My Stimulus Payment? Details on why taxpayers don’t need to worry about the tax liability on their stimulus money which is effectively an advanced refundable tax credit.

AICPA urges release of PPP loan forgiveness guidance The AICPA issued an “urgent call” for the Treasury Department and the US Small Business Administration to release guidance on Paycheck Protection Program (PPP) loan forgiveness calculations.

Problems tracking your stimulus check or setting up direct deposit? 9 reasons why If you entered your banking information with the IRS and still can't see your status, we found some possible explanations.

Stimulus Check Tracker: What's With the Payment Status Not Available Message on the IRS's Get My Payment Tool? A lot of people are frustrated because they can't get any information from the IRS's stimulus payment tracking tool. Here's why.

IRS grants broad coronavirus-related tax relief The IRS granted relief for a broad array of tax filing and payment deadlines that fall between April 1 and July 15, expanding on previous relief, as requested by the AICPA.

4 tips for handling conference call gaffes Recovering from a public error takes a bit of humour and humility.

Dear IRS, Uber Or Whoever: My Form 1099 Is Wrong, Way Wrong IRS Forms 1099 can be wrong. You can go back to the issuer and ask them to correct it. If you disagree with the information on the form but can't convince the payer you're right, explain it on your tax return. If you forget to report a 1099, the IRS will send you a tax bill.

Sick Workers and Spooked Customers: Coronavirus Threatens Small Businesses In China and Italy, policy measures are already underway to help, and there are calls for similar moves in the U.S.

5 Personal Finance Tips For Small Business Owners If you’re a business owner, it pays to get smart about your personal finances. We share personal finance tips to help you make better financial moves in your personal life.

IRS increases visits to high-income taxpayers who haven’t filed tax returns | Internal Revenue Service IR-2020-34, February 19, 2020 — As part of a larger effort to ensure compliance and fairness, the Internal Revenue Service today announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns.

Small Businesses That Fail In The First Year Always Have These 3 Things In Common The founder wasn't ready to assume risk or step into a major leadership position.

7 Costly Tax Mistakes to Avoid | The Motley Fool Watch out for these errors and get your return right the first time.

9 smart pieces of advice accountants give freelancers and creatives to make tax season easier Accountants say tax tips for small business owners and freelancers boil down to planning ahead well before tax time.

6 things you probably didn't realize your accountant can do for your small business Since accounting is all about interpreting information about finances and operations, accountants can be a key part of your financial advising team.

Survey Shows What’s Keeping U.S. Small Business Owners Awake at Night New report charts business worries of the businesses that employ millions of Americans but are often overlooked.

The Daily Deal Sales Tax Trap - The CPA Journal In Brief Companies that provide daily deal vouchers on discounted goods and services, such as Groupon, have grown in popularity with consumers. Ensuring

How to delay or ditch Medicare and pick it up later without paying penalties If a job is (or will be) part of your post-65 life, be sure you know the rules for putting off or dropping Medicare due to workplace coverage — and the deadlines you'll face when you go to pick it back up — so you don't have to pay late-enrollment penalties.

Leaving Money On The Table: The Most Commonly Missed Tax Deductions For Small Businesses Small business owner? Here are some deductions you may be missing.

529 Plans Just Became More Attractive for This Reason | The Motley Fool Hint: It's something a large number of former students are sure to celebrate.

Is a Solo 401(k) Right for You? | The Motley Fool Self-employed workers should give this option a closer look.

Which Mutual Fund Types Should You Tap First In Retirement? Taxable funds, traditional IRAs or Roths? Where and when you make withdrawals for your post-work income has a big impact on your tax bill.

When Is The Best Time To Claim Social Security Benefits? When is the absolute best age to claim Social Security? Making the wrong choice could reduce your retirement income substantially.

Report Shows Hurdles Faced by Millennial Homebuyers The majority of millennials not only want to own a home, but 84% of millennials in 2019 considered it a major part of the American Dream. However, millennials are struggling to reach that financial milestone.

CAN I EXCLUDE MY SPOUSE OR CHILD FROM MY WILL? - ElderCareMatters.com Excluding someone from your will, particularly if it’s your spouse or your child, can be complicated. In some states, it’s not even allowed. Leaving out