As hurricane season nears, prepare for natural disasters

The Internal Revenue Service reminds everyone that May includes National Hurricane Preparedness Week and is also National Wildfire Awareness Month. Now is a good time to create or review emergency preparedness plans for surviving natural disasters. In the last year, the Federal Emergency Management Agency (FEMA) declared major disasters following hurricanes, tropical [...]

By |2021-05-08T13:59:47-08:00May 11th, 2021|Finance|Comments Off on As hurricane season nears, prepare for natural disasters

States that are recovering the fastest from COVID-19

Things seem to be looking up a bit. With the unemployment rate at 6% and around 32% of the population fully vaccinated, a new report offers insight as to the states that are recovering the fastest from COVID-19. To identify the states that are having the most successful recoveries, WalletHub [...]

By |2021-05-05T15:51:10-08:00May 6th, 2021|Finance|Comments Off on States that are recovering the fastest from COVID-19

Some people get more time to file taxes without asking

Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service. Due to the ongoing pandemic, this year the IRS postponed the usual April 15 deadline for filing individual income tax returns until May 17, 2021. Even so, as is the [...]

By |2021-05-02T11:06:48-08:00May 4th, 2021|Finance|Comments Off on Some people get more time to file taxes without asking

Cities whose unemployment rates are bouncing back most

Good news: the economy gained 916,000 jobs in March, and the national unemployment rate is now 6%, which is 59% below the peak of 14.7% during the height of the COVID-19 pandemic. To provide more context at the city level, WalletHub released its report on the Cities Whose Unemployment Rates [...]

By |2021-04-28T16:25:21-08:00April 29th, 2021|Finance|Comments Off on Cities whose unemployment rates are bouncing back most

Steer clear of typical tax return errors; May 17 deadline nears

The Internal Revenue Service reminds taxpayers to check their tax returns for common errors that could delay refunds or otherwise affect normal processing. Here are some ways to avoid tax return slipups as the May 17 due date gets closer. Use electronic filing. Filing electronically, whether through IRS Free File or other e-file service [...]

By |2021-04-24T14:43:50-08:00April 27th, 2021|Finance|Comments Off on Steer clear of typical tax return errors; May 17 deadline nears

Claiming employee retention credit in first, second calendar 2021 quarters

IRS issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Notice 2021-23 PDF explains the changes for the first and second calendar quarters of 2021, including: the increase in the maximum [...]

By |2021-04-16T16:08:27-08:00April 20th, 2021|Finance|Comments Off on Claiming employee retention credit in first, second calendar 2021 quarters

Foreign bank, financial account holders: FBAR deadline still April 15

The Internal Revenue Service is reminding U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is still April 15, 2021. The extension of the federal income tax filing due date and other tax deadlines for individuals to [...]

By |2021-04-16T13:14:23-08:00April 12th, 2021|Finance|Comments Off on Foreign bank, financial account holders: FBAR deadline still April 15

IRS to recalculate taxes on unemployment benefits; refunds in May

To help taxpayers, the Internal Revenue Service announced that it will take steps to automatically refund money this spring and summer to people who filed their tax returns reporting unemployment compensation before the recent changes made by the American Rescue Plan. The legislation, signed on March 11, allows taxpayers who [...]

By |2021-04-16T13:16:39-08:00April 6th, 2021|Finance|Comments Off on IRS to recalculate taxes on unemployment benefits; refunds in May

Tax time guide: use ‘Where’s My Refund?’ or IRS2Go app for refund status

The Internal Revenue Service reminds taxpayers that the most convenient way to check on a tax refund is by using the Where's My Refund? tool at IRS.gov or through the IRS2Go Mobile App. Taxpayers can start checking their refund status within 24 hours after an e-filed return is received. Also, Where's My [...]

By |2021-03-27T10:31:12-08:00March 30th, 2021|Finance|Comments Off on Tax time guide: use ‘Where’s My Refund?’ or IRS2Go app for refund status

More than 90M Economic Impact Payments from American Rescue Plan disbursed

As of March 17, the Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service said they disbursed approximately 90 million Economic Impact Payments from the American Rescue Plan. Economic Impact Payments will continue rolling out in tranches to millions of Americans in the [...]

By |2021-03-19T14:11:53-08:00March 23rd, 2021|Finance|Comments Off on More than 90M Economic Impact Payments from American Rescue Plan disbursed

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