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.
Good records are the key to tax deductions and trouble-free IRS audits
A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
PPP borrowers get concessions, additional guidance on forgiveness
The Paycheck Protection Program Flexibility Act eases PPP loan forgiveness restrictions. Here are the details of the law, along with some recent guidance for borrowers.
Did you get an Economic Impact Payment that was less than you expected?
Have you received an Economic Impact Payment only to find out it’s less than what you were expecting? Here are some of the reasons why.
Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible
If you get a PPP loan and use the proceeds on certain expenses, the loan amount will be forgiven. Can you then deduct the expenses on your tax return? The IRS answers that question in new guidance.
Business charitable contribution rules have changed under the CARES Act
Food and financial insecurity have increased during the coronavirus (COVID-19) pandemic. If your business is donating to charity to help ease the pain, you may be eligible for enhanced charitable donation deductions.