W-2 Deadlines for 2019 The following table will help you to remember all the W-2 deadlines for sending W-2 forms to the employees and for paper filing or e-filing them with the SSA. Form W-2DeadlineIssuing W-2 Forms to the employeesJanuary 31, 2020Filing to SSA by MailJanuary 31, 2020Filing to SSA ElectronicallyJanuary 31, 2020 W-2 Penalties …
Month: January 2020
3 Reasons to Get a Health Savings Account
An HSA can help you stretch your health care dollars and build your retirement savings at the same time, as long as you’re eligible for one and you spend the money in your HSA on eligible expenses. Here’s a look at the benefits of HSAs and tips for opening one: 1. HSAs are tax-free Putting …
More taxpayers qualify for student loan COD relief
The IRS extended its safe-harbor relief from recognizing cancellation-of-debt (COD) income for students whose loans were discharged either because their schools were closed or as a result of some type of fraud (Rev. Proc. 2020-11). The IRS had earlier provided relief for students from Corinthian College or American Career Institutes Inc. whose loans were discharged …
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IRS: Recent legislation requires tax exempt organizations to e-file forms
Tax-exempt organizations must now electronically file Forms 990, 990-PF, 8872 and 1065. The new law affects tax exempt organizations in tax years beginning after July 1, 2019. The following IRS forms are included in the mandate: Form 990, Return of Organization Exempt from Income Tax.Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Trust Treated …
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2020 Tax Calendar
The following dates are based on the tax year 2019, coming due in 2020. January 15 Individual taxpayers’ final 2019 estimated tax payment is due. January 31 File 2019 Forms W-2 (“Wage and Tax Statement”) with the Social Security Administration and provide copies to your employees. File 2019 Forms 1099-MISC (“Miscellaneous Income”) reporting nonemployee compensation …
Q4 Estimated Tax Due day
Now is the time to make your 2019 fourth-quarter.Due day is Tuesday, January 15, 2020.
2020 Mileage Rates
IRS issues 2020 standard mileage rates For business use of a car, van, pickup truck, or panel truck, the standard mileage rate for 2020 will be 57.5 cents per mile in 2020, down from 58 cents per mile last year after increasing from 54.5 cents per mile in 2018. The standard mileage for medical care …
IRS Announces 2020 Contribution and Benefit Limits
The IRS has announced contribution and benefit limits for 2020. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $19,000 to $19,500. The catch-up contribution limit for employees aged 50 and over who participate in these plans is increased from $6,000 …
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