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Tax News
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E-Filing Amended Returns Coming This Summer
If you made a mistake on your 2019 tax return and need to fix it, your only choice is to prepare a paper Form 1040-X and mail it to the IRS. If you are lucky, the IRS will act on it within a year. However, the IRS announced on May 28, 2020 that later this […]
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If You Did Not Receive Your IRS Economic Impact Payment
As Economic Impact Payments (sometimes referred to as “stimulus payments”) continue to be delivered to U.S. taxpayers, many questions have come to light and the IRS (www.irs.gov) has made efforts to answer the most frequent questions on their website as well as through other public forums. Following is a summary of the latest information available. […]
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CONGRESS PASSES MORE PPP RELIEF ON JUNE 5
On June 5, President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) of 2020 (H.R. 7010) which provides more flexibility for participants in the Paycheck Protection Program (PPP) program. The PPP is a provision included in the CARES Act (P.L. 116-136, the Act) that authorizes a certain amount of forgivable loans to small businesses to […]
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REACHING THE IRS DURING THE PANDEMIC
Reaching the IRS by mail- The Internal Revenue Service (IRS) recently announced in IR2020-68 that it is “not currently able to process individual paper tax returns.” They remind everyone that “if you already have filed via paper but it has not yet been processed, do not file a second tax return or write to the […]
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