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A person who never made a mistake never tried anything new. Albert Einstein

21 Million Taxpayers Delayed Filing Past April 15

21 Million Taxpayers Delayed Filing Past April 15

cpapracticeadvisor.com As of April 17, 2020, the IRS reported that 115,961,000 individuals had filed their 2019 tax returns, compared to 137,233,000 returns filed for 2018 by April 19, 2019. That is 21,272,000 less— a drop-off of 15.5%.

IRS Updates Stimulus Payment Tracking Website

IRS Updates Stimulus Payment Tracking Website

cpapracticeadvisor.com The enhancements, which started last week and continued through the weekend, adjusted several items related to the online tool, which debuted on April 15. The additional changes will help millions of additional taxpayers with new or expanded ...

Top 5 Crisis-Response Steps for Entrepreneurs

Top 5 Crisis-Response Steps for Entrepreneurs

entrepreneur.com Adapting during a crisis could lead you to transformative opportunities.

Walking with a friend in the dark is better than walking alone in the light. Helen Keller

5 Creativity Exercises to Keep You Sharp While Working From Home

5 Creativity Exercises to Keep You Sharp While Working From Home

entrepreneur.com Jump-start innovation when you're feeling stuck.

How to take retroactive 100% bonus depreciation on QIP

How to take retroactive 100% bonus depreciation on QIP

journalofaccountancy.com The IRS issued procedures for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP).

VA Benefits Recipients Will Receive Coronavirus Stimulus Payments, No Action Required

VA Benefits Recipients Will Receive Coronavirus Stimulus Payments, No Action Required

cpapracticeadvisor.com Veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from VA will receive a $1,200 Economic Impact Payment with no further action needed on their part. Timing on the payments is still being determined.

IRS Offers Guidance on Paid Sick Leave and Family Leave During Coronavirus

IRS Offers Guidance on Paid Sick Leave and Family Leave During Coronavirus

cpapracticeadvisor.com The FFCRA covers the costs of this paid leave by providing small businesses with refundable tax credits. Certain self-employed individuals in similar circumstances are entitled to similar credits.

The true sign of intelligence is not knowledge but imagination. Albert Einstein

What Taxpayers Can Do to Speed Up Coronavirus Stimulus Payments

What Taxpayers Can Do to Speed Up Coronavirus Stimulus Payments

cpapracticeadvisor.com The last few weeks have been extraordinarily challenging for most Americans, as many of us have been cloistered in our homes, told to shelter in place, and been urged to refrain from gathering with family or friends.

Tax Scammers are Still in Business, Warns IRS

Tax Scammers are Still in Business, Warns IRS

cpapracticeadvisor.com The IRS, state tax agencies and the nation’s tax industry continue to see an upswing in data thefts from tax professionals as cybercriminals try to take advantage of COVID-19 and Economic Impact Payments to create new scams.

IRS Delays June 15 Payments, And More Tax Filing Deadlines for Trusts, Corporations, Nonprofits

IRS Delays June 15 Payments, And More Tax Filing Deadlines for Trusts, Corporations, Nonprofits

cpapracticeadvisor.com The IRS has expanded relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020.

IRS Launches Website for Non Tax Filers to Register for Coronavirus Stimulus Payments

IRS Launches Website for Non Tax Filers to Register for Coronavirus Stimulus Payments

cpapracticeadvisor.com To help millions of people, the Treasury Department and the Internal Revenue Service today launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return.

It always seems impossible until it's done. Nelson Mandela

Move Over Young Entrepreneurs. Older Innovators Are Just as Successful.

Move Over Young Entrepreneurs. Older Innovators Are Just as Successful.

insurancejournal.com A new study makes the case that entrepreneurship isn't just for the young, or for men. From Steve Jobs to Mark Zuckerberg, the stories of prosperous,

Report Simplifies Paycheck Protection Program Loan Application Process for 250,000 Businesses and Counting

Report Simplifies Paycheck Protection Program Loan Application Process for 250,000 Businesses and Counting

cpapracticeadvisor.com Paycheck Protection loans, which are provided through SBA-approved lenders, are available to small business borrowers to cover payroll and other operating costs. Included among the application requirements is specific documentation related to payroll.

Coronavirus Scammers Using Social Media and Phone

Coronavirus Scammers Using Social Media and Phone

cpapracticeadvisor.com The Internal Revenue Service is warning taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft.

Social Security recipients will automatically receive stimulus payments

Social Security recipients will automatically receive stimulus payments

journalofaccountancy.com The IRS announced that Social Security and Railroad Retirement benefit recipients will not have to file a tax return to receive the $1,200 stimulus payment provided by the Coronavirus Aid, Relief, and Economic Security Act.

To know what you know and what you do not know, that is true knowledge. Confucius

Delaying Tax Filing and Payments: How are You Affected?

Delaying Tax Filing and Payments: How are You Affected?

cpapracticeadvisor.com With these changes in mind, business leaders looking toward the remainder of 2020 should seek opportunities to make adjustments to their tax-related practices. The right adjustments might improve conditions both for employees and employers.

78% of Organizations Susceptible to Tax-Related Phishing Attacks

78% of Organizations Susceptible to Tax-Related Phishing Attacks

cpapracticeadvisor.com Valimail’s analysis focused on the presence and validity of Domain-based Message Authentication, Reporting and Conformance (DMARC) and Sender Policy Framework (SPF) records. Across all domains analyzed, 78% of the organizations either lack DMARC ...

Coronavirus Stimulus: Here are the Details on Stimulus Payments

Coronavirus Stimulus: Here are the Details on Stimulus Payments

cpapracticeadvisor.com The standard check payment is $1,200 per individual or $2,400 for married couples who file a joint tax return. In addition, a family will be entitled to receive an extra $500 per child. For this purpose, a “child” is defined the same way as...

Gift and GST returns added to postponed tax and filing deadlines

Gift and GST returns added to postponed tax and filing deadlines

journalofaccountancy.com The IRS postponed the payment and return filing requirements for gift and generation-skipping transfer taxes due April 15 to July 15, matching prior postponements granted to federal income taxes and returns.

If opportunity doesn't knock, build a door. Milton Berle

IRS posts FAQs about coronavirus-related filing and payment extensions

IRS posts FAQs about coronavirus-related filing and payment extensions

journalofaccountancy.com The IRS posted 24 questions and answers to clarify the notice delaying certain tax filing and payment deadlines until July 15.

5 Tips to Leading Your Company Through the Chaos

5 Tips to Leading Your Company Through the Chaos

entrepreneur.com We are in the midst of a "black swan" event that will have drastic, global economic consequences. No company is immune.

How to Quickly Register for Sales Tax in New States

How to Quickly Register for Sales Tax in New States

cpapracticeadvisor.com Taxing remote sales is relatively new. Since the first states established their sales tax systems in the 1930s, states have had limited taxing authority over businesses based in other states. Indeed, the Supreme Court of the United States ruled more ...

A 10-Point Small-Business Survival Plan for Dealing With the Coronavirus

A 10-Point Small-Business Survival Plan for Dealing With the Coronavirus

entrepreneur.com This guide can help guide you and your business during difficult times.

The best and most beautiful things in the world cannot be seen or even touched - they must be felt with the heart. -Helen Keller

IRS Extends Tax Payment Deadline — What You Can Do Now

IRS Extends Tax Payment Deadline — What You Can Do Now

cpapracticeadvisor.com Facing pressure from lawmakers and the tax community, on Tuesday, March 17, Treasury Secretary Mnuchin announced that the agency is giving taxpayers an additional 90 days to pay for those owing up to $1 million in taxes ...

Treasury secretary announces 90-day delay in tax payment deadline

Treasury secretary announces 90-day delay in tax payment deadline

journalofaccountancy.com Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.

Video: Don't Miss These Tax Deductions for Home Sellers

Sold a Home? Don't Miss These Tax Deductions

realtor.com The tax code has seen some changes in recent years, but the sale of your home can still net you some savings when it’s time to file with the IRS. Here’s a rundown of the deductions.