Employer Retention Credit (ERC): The employee retention credit (“ERC”) was introduced and enacted as part of the CARES Act to provide a refundable payroll credit for eligible employers, including nonprofit organizations, whose businesses have been negatively impacted by the pandemic. An employer qualifies for the ERC if it (1) fully or partially suspends its operations…
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How long can the IRS collect back taxes? Generally, the Internal Revenue Service (IRS) has 10 years to collect unpaid tax debt. After that, the debt is erased from your books and canceled by the IRS. This is called the 10-year statute of limitations. It is not in the financial interest of the IRS to…
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There have been big changes in the tax law. However, such changes need to be enacted by Congress to become law and therefore any provisions discussed could be revised or eliminated. The Country should be taking steps towards simplifying the tax law for the individual but also for corporations. It’s time for tax reform in…
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Tax Planning The United States of America is still the land of Dreams & Opportunities for many people and attracts immigrants from all over the world. The desired Green Card not only opens the door to career opportunities but also to new tax responsibilities. Pre-immigration tax planning, helps to avoid surprises and optimize the tax…
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IRS Tax Fourth Stimulus Checks As the IRS sends out the last of the third round of stimulus checks and tops off payments for millions of other Americans, some lawmakers are already pushing for a fourth check. The third stimulus payments — worth up to $1,400 per individual and each of his or her dependents…
DetailsWhen are taxes due for businesses you have a full plate as a business owner especially during tax season? We have created a list to stay organized of essential 2021 to help business tax deadline dates. Your business taxes for the tax year of 2020 are likely due on 17, May 2021, and it’s depending…
DetailsThe $1.9 trillion bill is the first major federal response to the COVID-19 pandemic in 2021, following closely behind the passage of the $900b COVID-19 relief bill in late December. Since the start of the pandemic a year ago, Congress has approved more than $5 trillion in stimulus and relief through a handful of bills.…
DetailsIRS Phone Numbers: At this time international revenue services (IRS) live phone number assistance is extremely limited. Call 800-919-9835 for economic impact payment questions. By calling 800-829-1040 contact an international revenue services (IRS) customer services representative to correct any agency errors. Monday to Friday, 7 a.m. to 7 p.m. customer services representatives are available. For…
DetailsSales Tax Anaheim Ca: Sales tax Anaheim California, the general sales tax rate is 6%. Anaheim sales tax rate may vary from 7.75% to 8% and it depending on zip code. The results of California state rate is 6% and every 2021 combined rates are mentioned in the sales tax list. 0.25% to 1% is…
DetailsWithin Tarrant County, temporary additional duty (TAD) is responsible for exemption administration and property tax appraisal for every seventy jurisdictions. To provide for fire and police protection every jurisdiction sets its tax rates for streets and roads, sewer and water systems, district court, public schools, and other public services. Division of Tarrant County property Tax:…
DetailsOn October. 1 California is 10.000% of the total current local sales tax rate in Downey. The local sales tax rate in December 2020 was also 10.000%. This year the 3rd tax increases in Downey. California sales tax rate in Downey: 10% in California is the minimum combined 2021 sales tax rate for Downey. Sales…
DetailsReal Estate Agent Tax Deductions Checklist: From sales transactions, most of the real estate brokers and agents receive income in the form of commission. Under the federal tax guidelines, you are not considered an employee, even if you are a broker or agent worker for a real estate brokerage firm, but rather a sole proprietor…
DetailsWho doesn’t like being their own boss? You can literally make your own rules, set your own time when you are thinking of setting up your own business. Indeed, you truly have the freedom of work likewise create and build what you think is perfect for your setup. However, you absolutely need your business to…
DetailsTo check out your CA FTB refund status you can use the service of a check refund. To check out the status of Your CA FTB refund online, go to https://webapp.ftb.ca.gov/refund/login. To enter for the check of your refund you will be prompted: Zipcode Amount of your exact refund Your address numbers Social security number…
DetailsFTB tax return: If you have paid too much tax, you may be able to get a tax refund. You can check your refund status by sing the check refund services. Before starting these services You will need: ZIP Code Social security number Amount of your exact refund In your mailing address numbers Takes to…
DetailsThe American Rescue Plan 2021 The House of Representatives passed the American Rescue Plan Act, H.R. 1319, on Wednesday by a vote of 220–211. It now goes to President Joe Biden for his signature. He is expected to sign it quickly. H.R. 1319 was first passed by the House on Feb. 27. The Senate made several…
DetailsOklahoma Tax Commission is the agency that collects taxes from the people of the state and later uses it for the laws of the state. Three members are appointed by the Governor of Oklahoma to look after the system and work accordingly. These members are Chairman; Charles Parter, Vice Chairman; Clark Jolley, and Secretary Member;…
DetailsTravis county tax office: We proudly register voters in Travis County, and tax office collects fees for a variety of local and state government agencies! This week voted to rise for a second consecutive year, in tax bills after county leaders Travis county property owners should again get ready for a change. Tax rate about…
DetailsAccess setting up to your My Tax Illinois account is free and simple. You want to visit mytax.illinois.gov, to line up your access, now click the button of “sign up”! And complete the specified information about your company and about yourself. Your submitted information after IDOR verifies, for your initial login, we will send you…
DetailsOrange county business tax receipt: Within city limit to operate any business, you must pay a tax. Before a business open it is require and a business tax receipt is a proof of payment. Located the tax department is 200 s. FL 32801, 16th Floor, Orlando, Orange Avenue. Must contain, Declaration and the business tax…
DetailsYou must file your 2020 tax return form 1040 or form 1040SR for you to claim the EIP1 and EIP2 as there is no more non filer tool available at the IRS website. Your recovery rebate credit amount will depend on your filing status and adjusted gross income. The amount will phase out if your…
DetailsThe U.S. Small Business Administration (SBA) and Treasury issued an 18-page document recently detailing how Paycheck Protection Program (PPP) borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans. The guidance also provided what documents borrowers must provide to support calculations. SBA and Treasury issued three pieces of guidance recently: A 12-page document detailing calculation processes…
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Covid Relief Package When Congress initially responded to the Covid-19 pandemic by passing the CARES Act on March 27th, 2020 — handing down individual stimulus payments, Paycheck Protection Program loans, supplemental unemployment benefits and a bevy of additional tax breaks to struggling businesses — many anticipated that if the virus continued to spread unabated, additional…
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In recent months and as a result of long negotiations between Congress’s Democrats, Republicans, and the White House on another round of stimulus legislation, the possibility of a deal is becoming real. In May, the Democrats in the House released COVID-19 Phase 4 legislation, the Health and Economic Recovery Omnibus Emergency Solution Act (HEROES Act). In July,…
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As year-end approaching, we are offering our clients some important tax highlights and updates that we believe are important to shed light on. Its possible that that Congress could enact additional COVID-19-related tax legislation before the end of this year but as of now we are not going to speculate and offer planning around it.…
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Hardly anything can generate as much taxpayer concern, confusion and controversy as an IRS audit. Tax audits are a crucial compliance tool to help ensure fairness in the tax system, and the IRS works hard to ensure the agency’s audit selection process is fair and unbiased. Decisions to conduct audits are based on the financial…
DetailsThe Internal Revenue Service and the Treasury Department gave the last arrangement of definite guidelines Monday to actualize the 100% extra first-year devaluation derivation from the Tax Cuts and Jobs Act, empowering organizations to discount the expense of most depreciable business resources in the year they are placed in service. The 100% first-year reward devaluation…
DetailsThe IRS provided tools for tax practitioners who can use them to reach out and contact to taxpayers who don’t normally file their tax returns and are qualified to get economic impact payments due to current COVID-19 crises. The IRS announced that such individuals will soon get economic impact payments whose payments were diverted to…
DetailsTo cater the provision of global intangible low-taxed income (GILTI), IRS issued an additional package Sec. 951A, which was added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97. It requires 10% US shareholders of controlled foreign corporations (CFC) to include in their gross income as their share of the CFC’s GILTI…
DetailsThis article is only for those who are not able to use Direct Deposit. In the event when you are in US then there will be no issue of getting money for checks, however in the case if you are living abroad, it might be troublesome in some scenarios. Though we are not a financial…
DetailsTransfer of funds from one pension plan to another may be treated a taxable event in the US (there is no official document to confirm the tax exemption). Introduction Numerous Americans are working abroad. A significant number of them will be involved in the retirement plan in a foreign work workplace which they believe is…
DetailsUpdate: The IRS has reversed their stance and senior citizens, Social Security recipients, and railroad retirees who are not otherwise required to file a return will not have to. Update 2: IRS Reverses stance, introduces tool for non-filers (those who are below minimum filing requirements) to provide information where to send stimulus payments. Important – if you have…
DetailsCOVID-19 impacted the whole world badly in general and USA in particular. Due to this unprecedented situation where normal travelling and flight operations has been suspended across the globe, many countries taking special measures for immediate return of their citizens to their homeland. This situation forces the US citizens to return USA who otherwise expected…
DetailsAs part of funding legislation for the federal government, President Trump signed a law of Setting Every Community Up for Retirement Enhancement (SECURE) Act on December 20, 2019. The law has many provisions relating to financial planning, especially retirement planning with IRAs and employer-sponsored plans. Among the provisions the most attracting is the curtailing of…
DetailsIRS introduced many relief measures for taxpayers to help them through the economic disruption caused by COVID-19. These measures includes legislative and administrative changes to provide many short term and few long term tax breaks to America’s taxpayers, e.g. tax credits and filing postponements. Below is details of changes helping individuals and businesses: FILING AND PAYMENT…
DetailsIn September, the IRS announced that they would mail time-limited settlement offers to certain taxpayers under audit who had participated in abusive micro captive insurance transactions (IRS News Release IR-2019-157). Only Eligible taxpayers are notified through mail. Captive insurance management is one in which an insurance company insuring only the risk of its related companies.…
DetailsThe look and feel of iconic tax return form, the Form 1040 has been virtually recognized by everyone for many years. Although the form is complex yet consistent. With the passage of time it changed through Jobs act and tax cuts which recognize as the most significant tax reforms over a period of 30 years.…
DetailsWhile submitting the shareholder’s tax return (or, if applicable, partnership or exempt organization return), fill the Form 8621 as per instructions mentioned in it, attach it with return and file both by the due date, including extensions, of the return at the Internal Revenue Service Center where the tax return is required to be filed.…
DetailsThe IRS issued a revenue procedure to help tax payers and relevant passthrough entities (RPEs) that provides a safe harbor. As per procedure a “rental real estate enterprise” will be treated as a trade or business for purposes of the qualified business income (QBI) deduction of Sec. 199A. A real estate business that does not…
DetailsStreamlined Program Overview The IRS streamlined program breaks down into two camps. 1. Streamlined Foreign Offshore Program (SFOP) 2. Streamlined Domestic Offshore Program (SDOP) – described herein The main difference between these two programs is that the first program bounds the taxpayer to comply non-residency test requirements. It has nothing to do with citizenship, or whether…
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