IRS outlines changes to health care spending available under CARES Act

The Internal Revenue Service has advised that new rules under the CARES Act provide flexibility for health care spending that may be helpful in the current environment where more people may need at-home services due to measures to fight the coronavirus. Telehealth and High Deductible Health Plans Under the CARES Act, a high deductible health …

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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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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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Clients Beware: 7 Tax Scams to Watch Out for in 2020

Each year, thousands of people lose millions of dollars, not to mention their personal information, in these schemes. Typically, the new scams are variations on old themes but are even slicker than before and harder to detect. ‘Tis the season for tax scams. As the time for filing 2019 tax returns fast approaches, the IRS is again …

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7 Reasons the IRS Will Audit You

An IRS audit is simply the IRS double-checking your numbers to make sure you don’t have any discrepancies in your return. Sometimes state tax authorities do audits, too. If you’re telling the truth, and the whole truth, you needn’t worry. Nothing is inherently sinister about an IRS audit or state audit. However, people who are consciously cheating …

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Why Is My Tax Refund Delayed?

Tax season can be stressful but the saving grace is that many tax filers will receive a refund. In past years, about 75% of filers receives refunds after filing their federal income tax returns. Many people even count on a refund to help them pay down debt or cover bills early in the year. That means …

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When Are Taxes Due? 2020 Filing & Extension Deadlines

Filing deadlines can creep up on you, and there’s nothing more frustrating than having to pay a fine that could have been avoided. Take a few minutes to save each relevant filing date to your calendar, and stay ahead of the IRS. If you’re sending your return in via snail mail, the IRS considers your …

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IRS releases new Form W-4: What to know to avoid a refund surprise in 2020

Trump's proposed tax cuts will boost retirement plans: Grover Norquist Americans for Tax Reform president Grover Norquist on Trump wanting to see more tax cuts and Kanye West's huge tax refund. The IRS on Thursday released its final version of the 2020 Form W-4, with some important changes that could impact both employers and workers. The new form …

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Small Business Tax Changes to Help You Prepare 2019 Taxes

Every year, tax laws change and certain IRS regulations affecting businesses change, too. This article describes the most recent changes you need to know about to do your business tax planning and to prepare your small business taxes for the current year.  Some of the changes for the 2018 tax year include updates to the Social Security maximum, IRS …

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Get Your Business Taxes in Order Before the New Year With These Tips

While IRS tax forms have largely stayed the same, you will need to make sure you're up to date on various deduction limits from the Tax Cuts and Jobs Act.It may be tempting to do your business's taxes yourself to save money, but you should always consider getting professional help.Making an end-of-year capital investment or …

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