MyIRSRelief

OCTOBER 4, 2024

This article will guide you through the process of correcting errors on your tax return, provide instructions on filing amended returns , highlight common mistakes to avoid, and explain how our tax firm can professionally assist you. Get tax help today by calling us at 1-877-788-2937. Corporation Income Tax Return.

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CPA Practice

APRIL 11, 2024

The Justice Department is advising taxpayers to choose their return preparers wisely as the April 15 federal tax filing deadline approaches. Unscrupulous preparers who include errors or false information on a tax return could leave a taxpayer open to liability for unpaid taxes, penalties and interest.

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Accounting Today

MARCH 25, 2024

Time is running out for nearly 940,000 individuals to claim refunds from 2020, with a May 17 deadline approaching for filing the necessary tax returns.

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CPA Practice

MARCH 26, 2024

By Alvin Buyinza, masslive.com (TNS) Nearly 940,000 Americans have unclaimed tax returns from 2020 and face a May 17 deadline if they want to get it back, the IRS announced on Monday. The average median refund was $932 for 2020, according to the IRS.

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RogerRossmeisl

AUGUST 3, 2021

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. For example, in 2020, 2.2%

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RogerRossmeisl

OCTOBER 6, 2021

Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have a business in federally declared disaster areas. Friday, October 15 If a calendar-year C corporation that filed an automatic six-month extension: File a 2020 income tax return (Form 1120) and pay any tax, interest and penalties due.

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Nancy McClelland, LLC

MARCH 29, 2022

To validate and successfully submit an electronically filed tax return to the IRS , taxpayers need their adjusted gross income, or AGI, from their most recent tax return. The IRS has a couple of “special tips” to ensure the tax return is accepted by the IRS for processing.

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Cherry Bekaert

APRIL 21, 2023

The Internal Revenue Service (IRS) recently released Notice 2023-21 clarifying how the postponed tax return filing deadlines in 2020 and 2021 affect amended return filings. In April 2020, the IRS issued Notice 2020-23 , which postponed certain 2019 federal tax return filing and payment deadlines until July 15, 2020.

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tax return Tax 63

AdviceForTaxpreparers

SEPTEMBER 8, 2020

If you like the blog then tell your friends and keep on the lookout for the Tax Preparer Skills Guide which will teach tax preparers the tax, technical, office and social skills needed to succeed in a public accounting firm. Earn $20 per Book Promoting My Tax Preparer Book from Home in Your Spare Time - September 9, 2020.

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ThomsonReuters

FEBRUARY 10, 2021

While many of those provisions impact tax years 2021 and later, some affect 2020 returns. Here’s a rundown of what you need to know about the CAA as you prepare 2020 business and individual tax returns. Individual Returns. Additional 2020 Recovery Rebates. Advance payments.

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RogerRossmeisl

DECEMBER 12, 2020

According to data company Dun & Bradstreet, business identity theft increased more than 250% in the first half of 2020. In a more typical year, crooks use stolen business identities to file fraudulent tax returns, apply for credit and empty bank accounts. businesses — for this remarkable number.

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Bharmal&Associates

JULY 30, 2020

A coronavirus-related distribution from your qualified retirement plan, Section 403(b) plan, or IRA gets two tax benefits: If you withdraw and keep the money, you pay no 10 percent early withdrawal penalty and you can spread the income equally over tax years 2020, 2021, and 2022. You pay no taxes or penalties. Scenario 2.

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TaxConnex

FEBRUARY 27, 2024

from 2020 and down 15.9% You have two initial ways to address your need for sales tax expertise: Your outside tax accountant or bringing tax expertise in-house. With the former, you risk that a professional versed in the tax code of the U.S. There were about 1.65 million accountants and auditors in the U.S.

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ThomsonReuters

MARCH 17, 2021

The IRS has issued new Form 8915-E, which individual taxpayers must file with their income tax returns to report coronavirus-related distributions and other qualified 2020 disaster distributions received from retirement plans in 2020, as well as 2020 repayments of those distributions. Form 8915-E. Instructions.

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Withum

AUGUST 25, 2022

On August 24, 2022, the IRS issued Notice 2022-36 to announce broad-based penalty relief for certain failure to file penalties with respect to tax returns for taxable years 2019 and 2020 as long as they are filed by September 30, 2022. Penalties under §6698(a)(1) & (2) for form 1065 (partnership tax returns).

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RogerRossmeisl

JUNE 24, 2021

Even after your 2020 tax return has been successfully transmitted to the IRS, you may still have questions after filing your return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund?

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TaxConnex

DECEMBER 28, 2021

And that means that more companies may find themselves with new sales tax obligations. 29) this year did fall short of 2020’s total; observers said this might have been because shoppers, fearing supply chain problems, began hitting the buy button earlier in the holiday shopping season. billion in U.S.

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RogerRossmeisl

FEBRUARY 24, 2021

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than two months (unless you file an extension).

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Tax tax return CPA 152

RogerRossmeisl

JANUARY 14, 2021

In IRS Tax Tip 2020-80, the IRS explained new Form 1099-NEC, Nonemployee Compensation for business taxpayers who pay or receive nonemployee compensation. Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee. For 2020 tax returns, the due date is February 1, 2021.

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California tax return CPA Tax 147

TaxConnex

NOVEMBER 23, 2021

In fact - Cross-border eCommerce sales worldwide grew more than 20% in 2020 while U.S. Other reports show that eCommerce made up roughly $1 out of every $5 spent on retail in 2020, up from about $1 out of every $7 spent in 2019. Determining the taxability of your products and services within each of the states you have sales tax nexus.

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TaxConnex

JULY 15, 2021

1, 2022, though, all retailers must apply the destination sourcing rules when calculating, collecting and remitting state sales tax. 2066 , which creates an exemption and retroactive credit for marketplace sellers for transactions in 2020 where tax was paid by the marketplace seller and the marketplace facilitator. As of Feb.

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RogerRossmeisl

DECEMBER 28, 2020

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make qualifying for a medical expense tax deduction difficult for many people to qualify. You also must itemize deductions on your return in order to claim a deduction.

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Tax tax return CPA 131

PYMNTS

JANUARY 8, 2021

Eligible taxpayers who didn’t receive their payment will need to claim it on their 2020 tax returns, CNBC reported. Some residents are receiving messages that they can only get their checks after filing their 2020 tax returns. The IRS is supposed to distribute all payments by Friday, Jan.

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CPA Practice

NOVEMBER 14, 2023

The closing of IRS tax processing centers from March 20, 2020, through June 29, 2020, during the normal course of filing season, created significant inventory backlogs, TIGTA said. The report states: For example, in October 2020, the IRS had 10.3 The report states: For example, in October 2020, the IRS had 10.3

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RogerRossmeisl

FEBRUARY 7, 2021

When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. In part, they depend on whether you’re married or unmarried on December 31.

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Withum

MARCH 7, 2024

Should I File a Protective Income Tax Refund Claim? Taxpayers that claimed the ERC are obligated to amend their 2020 or 2021 tax returns, as applicable, to reduce their wage expense deductions by the amount of ERC claimed in each year. To prevent this, taxpayers can file a protective income tax refund claim.

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Tax income tax tax return audit 126

Going Concern

APRIL 5, 2024

A federal grand jury in Newark, New Jersey, returned an indictment Wednesday charging tax preparer Leon Haynes of Teaneck, New Jersey with fraudulently seeking more than $150 million from the IRS by filing more than 1,600 false tax returns for himself and his clients that claimed COVID-19-related employment tax credits.

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CPA Practice

JUNE 15, 2023

The IRS created an automated process to recalculate the child tax credit, including the amount of advance payments posted to a taxpayer’s tax account, according to TIGTA. million tax returns that contained a discrepancy between the IRS calculated child tax credit amount and the amount claimed by the taxpayer that required resolution.

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MyIRSRelief

OCTOBER 3, 2022

There is a substantial amount of time you have to file your taxes, but the process can seem hefty. With the help of Los Angeles tax services firms, you can receive information on your tax return, the amount you owe, and various resources for tax preparation service. The Los Angeles County sales tax rate is 0.25%.

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CPA Practice

APRIL 12, 2023

million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their tax return. billion in refunds remain unclaimed because people haven’t filed their 2019 tax returns yet. Need to file a 2019 tax return?

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CPA Practice

MAY 11, 2023

From July 2020 to September 2021, the group allegedly faked documents for four shell companies, asserting that each were businesses with between 19 to 49 employees with a monthly payroll between $150,000 to $430,000. They then filed fake payroll tax returns with the IRS to conceal receipt of those funds, authorities allege.

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RogerRossmeisl

JANUARY 9, 2021

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR).

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CPA Practice

MARCH 5, 2024

The payments went out in 2021 and 2020. But you have to file a tax return to claim the credit, even if your income was minimal or non-existent, according to the IRS. If you’re looking to claim the rebate credit for 2020, you have until May 17, 2024 to file a return. ©2024 Advance Local Media LLC.

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CPA Practice

APRIL 5, 2024

(TNS) A Kennewick tax preparer cost the United States $42 million in lost tax revenue between 2017 and 2020 after filing tax returns that were riddled with errors, fabrications and fraudulent entries, alleges the Department of Justice. Court on Tuesday asking a judge to ban Donald J.

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RogerRossmeisl

MAY 7, 2021

“Tax day” is just around the corner. This year, the deadline for filing 2020 individual tax returns is Monday, May 17, 2021. If you still aren’t ready to file your return, you should request a tax-filing extension. The IRS postponed the usual April 15 due date due to the COVID-19 pandemic.

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CPA Practice

APRIL 9, 2024

But people should be careful with who they’re following on social media for tax advice. Unlike hacks to fix a leaky kitchen sink or creative makeup tips, people shouldn’t rely on made-up ways on social media to patch up their tax return and boost their refund,” he added. There are two other variations of the W-2 scheme.

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Withum

JANUARY 13, 2022

Now that these programs are expiring it is time to report all these funds on taxpayer’s 2021 business tax returns. This article will serve as a cheat sheet to taxpayers and practitioners to properly report COVID-19 relief funds on their 2021 tax returns. PPP EIDL ERC FFCRA SVOG R R F. Paycheck Protection Program (PPP).

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