Internal Revenue Service (IRS) – Page 5

What qualifies as a “coronavirus-related distribution” from a retirement plan?

(CARES ACT), Coronavirus Aid (CARES Act), COVID-19, Internal Revenue Service (IRS), IRA, Retirement / Douglas Freeman

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution? Early distribution basics. In general, if you withdraw money from an IRA or eligible […]

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Good records are the key to tax deductions and trouble-free IRS audits

Business Audit, Business Deductions, Business Expenses, Business Income Tax, Business Meals and Entertainment, Business Travel Deductions, Deductions, Documentation, Gifts, Income Tax, Internal Revenue Service (IRS), Small Business, Tax Deduction, Tax Record Retention / Douglas Freeman

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you

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Do you have tax questions related to COVID-19? Here are some answers

(CARES ACT), COVID-19, Deductions, Employees, Internal Revenue Service (IRS), IRA, Unemployment / Douglas Freeman

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules that govern whether you can

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Hiring independent contractors? Make sure they’re properly classified

(CARES ACT), Coronavirus Aid (CARES Act), COVID-19, Employees, Employment Tax, Federal Income Tax, Form 1099-Misc, Independent Contractors, Internal Revenue Service (IRS) / Douglas Freeman

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an

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Answers to questions you may have about Economic Impact Payments

(CARES ACT), AGI (Adjustable Gross Income), Economic Impact Payment (EIP), Income Tax, Individual Income Tax, Internal Revenue Service (IRS), Social Security / Douglas Freeman

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about EIPs. Who’s eligible to get

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New COVID-19 law makes favorable changes to “qualified improvement property”

(CARES ACT), Business Deductions, Business Income Tax, Coronavirus Aid (CARES Act), Deductions, Depreciation, Internal Revenue Service (IRS), Qualified Improvement Property (QIP) / Douglas Freeman

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that under the Tax Cuts and Jobs Act (TCJA), any QIP placed in service after December

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COVID-19: IRS announces more relief and details

(CARES ACT), 2019 Tax Return, AGI (Adjustable Gross Income), Coronavirus Aid (CARES Act), COVID-19, Income Tax, Internal Revenue Service (IRS) / Douglas Freeman

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More deadlines extended As you probably know, the IRS postponed the due dates

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CARES ACT changes retirement plan and charitable contribution rules

(CARES ACT), Charitable, Coronavirus Aid (CARES Act), COVID-19, Income Tax, Individual Income Tax, Internal Revenue Service (IRS), Retirement / Douglas Freeman

As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains a variety of relief,

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Answers to questions about the CARES Act employee retention tax credit

(CARES ACT), Coronavirus Aid (CARES Act), Employees, Income Tax, Internal Revenue Service (IRS), Nonprofit, Self Employed / Douglas Freeman

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result

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Cash payments and tax relief for individuals in new law

(CARES ACT), 2019 Tax Return, AGI (Adjustable Gross Income), COVID-19, Individual Income Tax, Internal Revenue Service (IRS) / Douglas Freeman

A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Individual cash payments. Under the new law, an

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