What the pandemic relief bill means to you - if it's signed

Congress passed more pandemic relief but the bill remains in limbo. Learn what's at stake for you.

 


 

Comments

Post a Comment

Popular posts from this blog

The IRS hasn't cashed my check - what do I do?

Image
If you're worried because you sent Uncle Sam a payment months ago and the money is still in your account, you are not alone. The IRS is still struggling to catch up after being forced to shut down earlier this year, affecting many people. The IRS uses a “lockbox” system in which some payments are separated from the attached paperwork. The payments are processed immediately, and any accompanying return is forwarded to a different office to await processing. This explains why the IRS instructs you to use a different address for correspondence with an enclosed payment than for one without. If you accidentally mailed a payment (with or without a return) to the wrong address, it may have bypassed the lockbox and will still be sitting in a storeroom waiting to be processed. In addition, some types of returns, including 1041 returns for estates and trusts, are not part of the lockbox system and will always be processed more slowly. If your check has not been cashed, the IRS advises p...
Read more

Business Owners: There's a New Reporting Form for 2020

Image
Beginning 2020, IRS has a new form, 1099-NEC , for reporting payments to independent contractors . An independent contractor is anyone whom you have paid to perform services for your business without their being on your payroll. The deadline for filing with the IRS and providing a copy to the contractor is generally January 31 (though this year we get one additional day because of the weekend), and IRS can hit you penalties if you’re late. Form 1099-MISC still exists and you may also need to file those if you made other types of reportable payments, including attorneys, rent on business property, and certain other payments. The 1099-MISC deadline remains March 1 (March 31 if filing electronically). Prior to the end of the year, you should: Make sure you have a W-9 form from any potential person or company who falls into either category (independent contractor or other payee). Plan to have your bookkeeping updated by early January so the forms can be filed before the deadline. ...
Read more

What to do if you get an IRS letter

 by Thomas Bridgman, EA Hudson Valley Tax Experts assists taxpayers with IRS and state tax issues , from responding to letters and handling audits to preparing unfiled returns and negotiating payment arrangements. IRS and the states rely heavily on mail correspondence to conduct their business. There's nothing quite like opening your mailbox and finding a letter from the IRS to raise your blood pressure and quicken your breath. The IRS is not known for sending cheery notes (“hey, hope you’re having a great summer, thinking of you!”) and if you find that an IRS return address beings on a feeling of dread, you’re not alone. It may seem obvious, but the first step on discovering that unwelcome visitor in your mailbox is: don’t panic and open the envelope . (Okay, that’s two steps, but they go hand in hand. Call them 1A and 1B. You can add 1C: take a deep breath.) Resist the urge to file the unopened letter in the sock drawer or bury it in the garden. Whatever news it contains, g...
Read more