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Bet on GameStop (GME) Stock? Here’s How Your Earnings (or Losses) are Taxed
Millions of Americans took to the markets this week and took on Wall Street — united under the unlikely flag of GameStop (GME) stock. The buying frenzy began online, organized on a Reddit forum called Wall Street Bets. Spurred on by the internet hype, small-time investors from across the country bought GME stock, sending the […]
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 […]
Congress Approves $900 Billion Covid-19 Relief Package. Here’s What You Need to Know
Update: As of 12/29, President Trump has officially signed the second round of Covid-19 relief into law. But, the Senate still may vote this week to increase direct payments from $600 to $2,000. Congress reached a deal on Sunday approving a $900 billion Covid-19 relief package. The long-awaited stimulus will provide billions of dollars in […]
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 […]