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Official IRS Help is here!

Happy Monday to you, Friend! Are you closely following what's happening with this new "forgivable" loan for self-employed / small business / entrepreneur clients? I realize that many of us are "head down" knocking out tax preparation for our clients, answering all these "quick" stimulus questions, and so forth....Continue reading

$1,200 for individuals, $2,400 for couples, $500 per child Under the draft bill, single Americans would receive $1,200, married couples would get $2,400, and parents would see $500 for each child under age 17. However, the payments would start to phase out for individuals with adjusted gross incomes of more than $75,000, and those making more than $99,000 would not qualify at all. The thresholds are doubled for couples. About 90% of Americans would be eligible to receive full... or partial payments, according to estimates by the Tax Policy Center. Lawmakers set aside $250 billion for the so-called recovery rebates. Qualifying income levels will be based on 2019 federal tax returns, if already filed, and otherwise on 2018 returns. (Mnuchin earlier this month delayed the filing deadline until July 15.) There are provisions in the bill to include those who don't earn enough to file returns, but some people may be missed, said Gleckman. See more

Día de impuestos ahora es el 15 de julio: Tesoro, IRS extienden fecha límite de presentación de impuestos y pagos de impuestos federales, independientemente de cantidad adeudada. Esperamos su llamada :)

We understand that with the ever-evolving situation around COVID-19, this is an unprecedented and uncertain time for everyone. Businesses across the country, including yours and ours, are impacted by the nationwide effort to minimize the spread of the virus. Our Commitment:... We are committed to supporting you with the products and services that you and your business needs. You may be changing how you are doing business right now, but we're committed to offer exceptional tax service and remain simple, sensible, and convenient. How We are Responding: The health and well-being of our customers, employees and communities is our top priority. As a company, we have plans in place in the event of needing large-scale remote support. During this time, we've begun rolling out elements of this plan based on the direction from the CDC, federal, state, and local government, and are prepared for full-scale remote support if needed. Continued Support: To help us continue to be responsive to your needs, we strongly encourage you to use our digital tools offered at asmarttaxservices.com

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The eight most important questions readers have about the SECURE Act Question #1: Do some of the SECURE Act provisions apply to IRA contributions made after December 31, 2019? You'll get the answer when you read my new article.... Question #2: Will non-spouse traditional IRA beneficiaries pay a lot of tax under the new rule, requiring them to empty the IRA account within 10 years? You'll get the answer when you read my new article. Question #3: If I inherit an IRA, and I'm initially subject to the 10-year rule, can I stretch it out later if I become disabled or go into a nursing home? You'll get the answer when you read my new article. Question #4: We're having twins in March 2020. Does this mean my spouse and I can each take $10,000 out of our traditional IRAs, penalty-free? If we want to repay it, what's the deadline for putting the money back into our IRAs? You'll get the answers when you read my new article. Question #5: I'm going to inherit an IRA in 2020 and will have to take the money out over ten years. Can I double-dip and have the 10-year distributions cover my required minimum distributions (RMDs) from my other retirement accounts? You'll get the answer when you read my new article. Question #6: If a minor child inherits an IRA, does the IRA become a stretch -IRA permanently? (This seems like a potential tax-planning strategy when determining who should be a beneficiary.) You'll get the answer when you read my new article. Question #7: Is the $10,000 Section 529 allowable distribution (for payments of principal and interest on a student loan) an every-year requirement or a lifetime amount? You'll get the answer when you read my new article. Question #8: Tax code Section 401(b)(2) states that: If an employer adopts a stock bonus, pension, profit-sharing, or annuity plan after the close of a taxable year but before the time prescribed by law for filing the return of the employer for the taxable year (including extensions thereof), the employer may elect to treat the plan as having been adopted as of the last day of the taxable year. Does this rule apply to elective deferrals? You'll get the answer with a simple Direct Message.

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