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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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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10 Reasons Why Your Small Business Needs a Bookkeeper

With many small businesses thriving during the holiday season, this is the time of year that makes running a business exciting and enjoyable! This is also the time of year to reconcile books and prepare for tax season. How can owners balance both? We see so many of our small business owners struggle at tax …

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Year-End Payroll Checklist for Small Businesses

December is a time to be festive, relax with friends and family, indulge in delicious holiday-party fare — and, on a more practical note, time to get your payroll in order before the end of the year. Slightly less merry, but equally important! To help ease your burden, please find below ConnectPay’s handy checklist of …

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