IRS adds 6 more forms to list that can be signed digitally totaling 16

It is the Digital Age, after all. On Aug. 28, the IRS reported it would temporarily allow the use of digital signatures on certain forms that cannot be filed electronically. Since then the agency has added several more forms (PDF) to that list. The IRS made this decision to help protect [...]

By |2020-09-12T14:22:36-08:00September 15th, 2020|Finance|Comments Off on IRS adds 6 more forms to list that can be signed digitally totaling 16

IRS: interest rates to remain same for Q4 2020

Some good news for taxpayers during the COVID-19 pandemic. The Internal Revenue Service said interest rates will remain the same for the calendar quarter beginning Oct. 1, 2020. The rates will be: 3% for overpayments (2% in the case of a corporation); 0.5% for the portion of a corporate overpayment [...]

By |2020-09-05T13:11:10-08:00September 8th, 2020|Finance|Comments Off on IRS: interest rates to remain same for Q4 2020

IRS approves temporary use of e-signatures for certain forms

Digital signatures aren't always accepted or possible however, to protect the health of taxpayers and tax professionals, the Internal Revenue Service will temporarily allow the use of digital signatures on certain forms that cannot be filed electronically. The change will help to reduce in-person contact and lessen the risk to [...]

By |2020-08-29T11:06:36-08:00September 1st, 2020|Finance|Comments Off on IRS approves temporary use of e-signatures for certain forms

Unemployment compensation is taxable; withhold now, avoid surprise

With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service reminded people receiving unemployment compensation they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal income tax return [...]

By |2020-08-22T15:37:02-08:00August 25th, 2020|Finance|Comments Off on Unemployment compensation is taxable; withhold now, avoid surprise

Study: states where people need loans the most due to COVID

More help is needed as the unemployment rate is at 10.2% due to COVID-19, and a new study released offers updated rankings for those States Where People Need Loans the Most Due to Coronavirus. Greater interest in getting a loan indicates that more people in the state are struggling to make [...]

By |2020-08-19T13:57:14-08:00August 20th, 2020|Finance|Comments Off on Study: states where people need loans the most due to COVID

IRS reminds truckers of Aug. 31 highway use tax return deadline

Do you drive a truck for a living? The Internal Revenue Service is reminding owners of most heavy highway vehicles of their responsibility to timely file Form 2290, Heavy Highway Vehicle Use Tax Return. The highway use tax applies to highway motor vehicles with a taxable gross weight of 55,000 [...]

By |2020-08-15T10:45:06-08:00August 18th, 2020|Finance|Comments Off on IRS reminds truckers of Aug. 31 highway use tax return deadline

Reporting cash transactions helps government combat criminal activities

Did you know reporting cash transactions helps the government combat criminal activities? The information on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business (PDF), helps law enforcement combat money laundering, tax evasion, drug dealing, terrorist financing, and other criminal activities. Here are facts on who [...]

By |2020-08-08T16:09:40-08:00August 11th, 2020|Finance|Comments Off on Reporting cash transactions helps government combat criminal activities

Employers should consider filing payroll taxes electronically

Tired of paperwork? Business owners can now make taxes a little easier on themselves by filing payroll and employment taxes electronically. According to the Internal Revenue Service, there are several benefits to filing these forms electronically: It saves a lot of time. It is more secure and accurate. The filer [...]

By |2020-08-01T14:30:03-08:00August 4th, 2020|Finance|Comments Off on Employers should consider filing payroll taxes electronically

Businesses filing cash transaction reports via e-file option; batch filing available

The Internal Revenue Service reminds businesses required to file reports of large cash transactions that e-filing is a fast, easy, and secure option for filing their reports. Now, businesses can batch file their reports, which is especially helpful to those required to file many forms, according to an IRS news [...]

By |2020-07-25T10:45:42-08:00July 28th, 2020|Finance|Comments Off on Businesses filing cash transaction reports via e-file option; batch filing available

New law, seniors not req’d to take distributions from retirement accounts

The Internal Revenue Service reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives required minimum distributions during 2020 for IRAs and retirement plans, including beneficiaries [...]

By |2020-07-19T17:06:30-08:00July 21st, 2020|Finance|Comments Off on New law, seniors not req’d to take distributions from retirement accounts
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