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Advance Payments – 2021 Child Tax Credit
Who, What, When ... Etc. This should go off without a hitch! And be an absolute joy to explain to clients why their refund is smaller! And reconcile on next years tax returns! (Heavy Sarcasm) … None the less, here are the facts. Who is eligible for Advance Payments of...
Update – Unemployment Exclusion : Refunds To Start In May
IRS WILL AUTO RECALCULATE TAXES ON UNEMPLOYMENT Quick Summary: Taxpayers who filed prior to change to the handling of Unemployment Benefits IRS will AUTO Recalculate IRS will refund any resulting overpayment or apply to outstanding taxes owed The first refunds are...
IRS Filing Deadline – May 17
IRS Announces Filing Deadline has been extended till May 17. Click Here to read full IRS Bulletin
Economic Impact Payments – Debit Cards
IRS COVID Tax Tip 2021-02, January 14, 2021 Millions of taxpayers will receive their second Economic Impact Payments by Debit Card Quick Summary: The Treasury Department and the IRS are issuing millions of second Economic Impact Payments by prepaid debit card...
Software Updates : EIP | Income Look Back
Navigation Instructions In this brief post we are providing navigation instructions to new forms and worksheets related to Economic Impact Payments and the Relief Act, Income "Look Back" Provision for certain tax credits. Pro-Online - Click Links Below Economic Impact...
January 2, 2021 – Begin Accepting Live Returns
Accepting Transmissions - 01/02/2021 We will begin accepting live tax returns on January 2, 2021. Any returns that are transmitted prior to January 2, 2021 will be considered test returns and will be deleted from our transmission servers. Returns that are transmitted...
Cares Act – Potential Impacts on Clients 2020 Taxes?
The Coronavirus Aid, Relief, and Economic Security (CARES) Act may impact many American’s 2020 taxes. You might be asking, specifically, what are and who is affected? Well, those are the questions this article will address. 2020 Retirement Plan Distributions One of...
2020 – IRS Tax Forms Update
In this article we have compiled the major IRS form updates for tax year 2020. Many of these forms are specific to dealing with Covid-19 and the reemergence of an old classic (1099-NEC) New tax forms for 2020 Form 1099-NEC The 1099-NEC disappeared in the early...
Identity Protection Pin Program
IRS: Tax Tip 2020-168 Identity Protection PIN Program will soon be available to Taxpayers Nationwide IP Pins can present challenges/frustrations for both you and your client. We recommend familiarizing yourself with the options these tools present. Link to the full...
1099-NEC, Nonemployee Compensation
1099-NEC = NEW FORM Form 1099-NEC is used by payers to report payments of $600 or more made in the course of a trade or business to others for services. Prior to 2020, these payments were reported in box 7 on Form 1099-MISC. Payers must provide a copy of 1099-NEC to...
