IR-2020-207, September 10, 2020 WASHINGTON — The Internal Revenue Service today urged individuals who owe taxes but have not yet filed for 2019 to act now to avoid larger penalties that, by law, start after September 14. The tax deadline was July 15 this year. Taxpayers who submitted an extension have until October 15 to [...]
Now that the conventions of both major parties have wrapped up, we’re heading into the home stretch of the presidential election race. Naturally, taxes will be a major point of contention. Although President Trump hasn’t released a formal plan yet, he has generally expressed his intent to preserve, and expand on, the Tax Cuts and [...]
Amid historic levels of unemployment, as many as 12 million Americans may have lost their health insurance since February, according to a study by the Economic Policy Institute. “Because most U.S. workers rely on their employer or a family member’s employer for health insurance, the shock of the coronavirus has cost millions of Americans their jobs and [...]
President Donald Trump announced four executive actions on Saturday, including continued expanded unemployment benefits and a temporary payroll tax deferral for some workers, as the coronavirus pandemic continues to hobble the U.S. economy. Trump also ordered continued eviction protection and student-loan relief. The moves could jeopardize negotiations with congressional Democrats over an additional coronavirus relief [...]
The IRS on Thursday issued its “Dirty Dozen” tax scams for 2020, pointing out that it was placing special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including economic impact payments (IR-2020-160). “Tax scams tend to rise during tax season or during times of crisis, and scam artists are using pandemic to [...]
Got a vacation home? There’s a big tax break if you rent it out—but a potential hit if you sell. First, the break: Long-standing rules allow owners of vacation homes to rent out their cottages or condos, pocket the rent checks and completely sidestep taxes on the rental income. I’ll use owner Olivia to illustrate [...]
June 19, 2020 Board Approves Budget Today, the University of South Carolina’s Board of Trustees approved the University's budget plan for the upcoming fiscal year, which includes freezing tuition system wide while implementing a series of cost-saving measures to prepare for the impact of COVID-19. “The budget outlook before us is more serious than any the university [...]
The IRS announced Friday that time is running out for taxpayers to go to the Get My Payment website to enter their direct deposit information in order to receive an electronic economic impact payment (IR-2020-92). Taxpayers must enter their bank account information, if needed, by noon on Wednesday, May 13. After that date, any stimulus payments that [...]
The IRS will start recalling “certain employees in mission-critical functions” to agency offices starting Monday, though it is urging them to bring their own face masks and suggesting the employees can make them out of t-shirts or bandanas, according to an internal memo circulated Saturday by two lawmakers. Tony Reardon, who heads the National Treasury Employees [...]
Under a recently enacted law, eligible small and midsize employers can claim two new refundable payroll tax credits, designed to reimburse them, dollar for dollar, for the cost of providing coronavirus-related leave to their employees. The relief was enacted under the Families First Coronavirus Response Act, P.L, 116-127, signed by President Donald Trump on March 18, [...]