A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.
Month: July 2020
After you file your tax return: 3 issues to consider
Once your 2019 tax return has been filed, there still may be some issues to consider. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.
Some people are required to return Economic Impact Payments that were sent erroneously
Millions of people have already received their Economic Impact Payments, which are being sent by the government to help mitigate the effects of COVID-19. In some cases, the payments should be returned.
IRS guidance provides RMD rollover relief
IRS guidance has provided relief to individual taxpayers affected by COVID-19 who take distributions or loans from retirement plans and offers guidance to employers regarding the administration of loan relief.
What qualifies as a “coronavirus-related distribution” from a retirement plan?
If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.