Christina Rivas, EA

Here's some motivation for your Monday from Rivas Accounting

Your Friday tax fact from Rancho Cucamonga based Rivas Accounting.

Many people are unaware that the unemployment aids you receive from federal and state benefits are taxable, leading to a potentially unpleasant outcome on your 2020 tax return. Watch this video to learn more.

The IRS is still processing checks mailed to it during COVID-19 lockdowns. If your payment hasn't cleared, be patient.

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The Internal Revenue Service has resurrected a form that has not been used since the early 1980s, Form 1099-NEC. This form will be used to report non-employee compensation in place of the 1099-MISC.

Make your Monday great with this motivation from Rivas Accounting

Learn about taxes from your friends at Rancho Cucamonga based Rivas Accounting.

If you could not complete your 2019 tax return by July 15 (the postponed original filing date this year because of the COVID-19 emergency) and are now on extension, that extension is up on October 15, 2020. An additional extension is only available in certain disaster areas. Not filing before the extension period ends can cost you late-filing penalties.

In many cases, workers will be receiving unemployment benefits that they have not received in the past, and they may not be aware that the benefits are fully taxable for federal purposes as well as by most states.

Rivas Accounting has the motivation you need to get going this Monday.

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