Taxes and Tax Relief
Second-Draw PPP Loans – Who Qualifies & How to Apply
Update 3/31/2021: The application deadline for both first and second round PPP loans has been extended to May 31st, 2021, giving business owners two extra months to apply. The U.S. Small Business Administration (SBA) has officially opened its doors for the second round of Paycheck Protection Program (PPP) Loan applications. As we’ve covered previously, PPP loans […]
Unsolicited Call from a “Tax Expert?” Don’t trust it.
Your phone buzzes inside your pocket, an out-of-state number. It could just be spam, but maybe it’s important. So, you answer the call. The man on the other end knows your name. He knows about your tax lien. He knows about your debt with the IRS. And he claims he can make it all go […]
IRS Leaves 75 Million Phone Calls Unanswered in 2020, New Report Finds
Botched stimulus payments. Millions of unprocessed tax returns. Now, an annual report from the National Taxpayer Advocate, Erin Collins, provides a concerning look at the current state of the IRS. Of the 100 million phone calls made to the IRS’s toll-free phone lines in 2020, only one in four were answered. That leaves about 75 […]
2021 Tax Season Overview: Important Deadlines, E-Filing to Start in February
The IRS announced that E-filing will open for 2020 tax returns on February 12th, kicking off the 2021 tax season. And like last year, this year will be a chaotic one for the IRS. So, it’s best to start early. Here’s what you need to know: When are Taxes Due? Individual and corporate tax […]
IRS Error Sends Millions of Stimulus Payments to the Wrong Bank Accounts
If you use a tax preparer service like TurboTax, Jackson Hewitt, or H&R Block, there’s a good chance the IRS sent your second round stimulus payment to the wrong bank account last week. The IRS is rushing to fix the error, while millions of taxpayers wait for their $600 checks. TurboTax announced on Friday that […]
The IRS Still Has 1 Million Unprocessed 2019 Tax Returns. You Can Use the Delay to Your Advantage.
If the COVID-19 pandemic has you falling behind in your work, you’re not alone. Turns out, even the IRS has trouble working from home. The IRS still has roughly 1 million unprocessed tax returns from 2019, and 3 million pieces of unopened mail. The immense backlog built up during the IRS’s transition to remote work […]
Everything you need to know about the new IRS Form W-4
In 2020, the IRS decided to make major changes to its Form W-4, the form employers use to calculate their employees’ tax withholdings. But don’t let these changes overwhelm you. Here’s what you need to know about the overhauled W-4: New W-4: No More Withholding Allowances The IRS has decided to eliminate withholding allowances from […]
IRS Offers Taxpayers Necessary Relief in Response to COVID-19. Here’s How You Can Benefit.
Update 12/2 The IRS has made several additions to the Taxpayer Relief Initiative since the original publishing of this article, giving you even more flexibility as you head into the new year. Here’s what you need to know: Individual taxpayers owing up to $250,000 for tax year 2019 only can now set up your installment agreement with no […]
5 Steps to Take Before Jan 1 to Save On Your Taxes
The tax rates are going down next year, so a deduction now is worth a lot more than it will be in 2018. On top of that, several popular deductions are disappearing next year or getting substantially limited. But if you act now, you can get the tax savings you had hoped to take in 2018 for your 2017 return. […]