News

  • March 17, 2021 1:21 PM | Anonymous member

    The IRS has almost 7 million 2020 tax returns with refunds due in a queue for manual processing, which will take several weeks.  So the taxpayers are having to wait for their money.

    Details in this article from The Washington Post: 

    https://apple.news/AgeMMDkIjTvi_NiBlpcE1hQ

  • February 23, 2021 10:44 AM | Anonymous member

    Taxpayers who has significantly lower income in 2020 than in 2019 may want to file their 2020 tax returns as soon as possible if the 2020 return could result in a larger stimulus payment this year.

    USA Today has a good overview of the issues:

    https://www.usatoday.com/story/money/taxes/2021/02/23/tax-return-stimulus-check-file-early-dependents/4552270001/

  • February 02, 2021 11:27 AM | Anonymous member

    The IRS is strongly recommending that taxpayers file their 2020 returns electronically and request direct deposit of refunds for the quickest turnaround.  The IRS is still backlogged with millions of 2019 paper tax returns.

    https://apple.news/AV_X5D9qjTl-zHsQk6nSgYA

  • December 28, 2020 11:32 AM | Anonymous member

    There is considerable disagreement among the state taxing agencies at this point regarding how income of work-from-home telecommuters will be taxed by the state of taxpayer residence or the state where the employer is located.  Some states are beginning to take other states to court over the issue.

    States Square Off Over Taxing Remote Workers’ Income

  • December 23, 2020 12:55 PM | Anonymous member

    The IRS and Treasury have indicated that businesses that receive PPP loan forgiveness would NOT be allowed to deduct business expenses paid with the forgiven loan.

    However, it appears the new relief bill includes language to allow deduction of those business expenses:

    PPP Borrowers Stand to Gain Tax Deductions

  • December 16, 2020 12:03 PM | Anonymous member

    The IRS has advised taxpayers to prepare for new sections on their 2020 tax returns, such as reconciliation of the EIP "stimulus payment."

    Details at: https://www.irs.gov/newsroom/get-ready-for-taxes-whats-new-and-what-to-consider-when-filing-in-2021

  • September 30, 2020 1:10 PM | Anonymous member

    Word from several tax organizations from contacts inside the IRS is that Memphis and Ogden will begin accepting electronic signatures on Forms 2848 and 8821 in January.  The forms will have to be uploaded through an new IRS portal.  Details still to come.

    Chet Burgess

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