Income Tax

Trump announces delay of tax deadline for those affected by virus – Portland Press Herald

By

  President Trump announced Wednesday night that he will instruct the Treasury Department to allow individuals and businesses negatively affected by the coronavirus to defer their tax payments beyond the April 15 filing deadline. In an address from the Oval Office, Trump said he would use his emergency authority to allow individual taxpayers and businesses to defer paying their taxes by next month’s deadline if they have suffered adverse effects from the spreading virus. Trump announces delay of tax deadline … Continued

Tax Reform Redux: Most Taxpayers Didn’t Adjust Their Withholding Before 2020 Filing Season | CPA Practice Advisor

By

  Taxpayers are ill-informed about changes to the tax law that may impact them personally, according to a survey of enrolled agents, who are federally-licensed tax professionals. The survey, conducted by the National Association of Enrolled Agents (NAEA), presented a series of statements and asked NAEA members to choose the statements with which they agreed most strongly. The statements were grouped into three broad categories: Government operations (what impact does IRS operations have on the filing season), tax code and … Continued

2020 Tax Refund Dates: When You Will Get Your IRS Income Tax Refund | CPA Practice Advisor

By

  It’s MARCH, and March Madness is about to start, but if you haven’t received your 2020 income tax refund yet, and you’re trying to find out when you might, we can help. Of course, you have to have already filed (either online by yourself or with a tax pro). But if you haven’t yet, then visit a CPA or other tax professional soon. If you have, and are still waiting on a refund, our chart below offers a date … Continued

What Is Section 179, and How Can It Benefit You? | Millionacres

By

  What is Section 179, and how does it benefit businesses? Section 179 is a tax incentive that allows small businesses to write off the entire purchase price of qualifying equipment in the year it was purchased. If a business bought a piece of equipment before Section 179, they would have had to write it off over its normal recovery period. For example, if a business purchased $100,000 in equipment that was depreciable over five years, they would only be … Continued

Beware, the IRS is eyeing your inherited money – MarketWatch

By

  One of the perils of being well-off is the constant risk that the federal government and/or your friendly state and local tax collectors will figure out new and different ways to snatch more of your wealth. Especially wealth that you earned the old-fashioned way: by inheriting it. To raise your paranoia to the appropriate level, here are two new things to worry about.   Beware, the IRS is eyeing your inherited money – MarketWatch