Receiving an IRS Audit Letter is every taxpayer’s worst nightmare. Just the mention of the word “audit” can bring visions of long hours with an IRS examiner, disallowed deductions, and large assessments. But in actuality, the IRS audits a small fraction of all returns. In 2019, the agency only audited 0.4% of 2018 individual tax [...]
Since March 2020, the federal government has issued stimulus payments to millions of Americans to help combat the economic downturn caused by the COVID-19 pandemic. These included an initial payment of $1,200 per eligible adult and a second payment of $600 per eligible adult. When the IRS distributed the money, some of the payments inevitably [...]
In line with the IRS’s move last week, the Georgia Department of Revenue (DOR) has extended the filing and payment deadline for individual 2020 tax returns from April 15, 2021, to May 17, 2021. The extension is automatic and requires no extra paperwork or filing. The extension to May 17 applies only to individual annual [...]
On March 11, President Biden signed the $1.9 trillion American Rescue Plan Act of 2021, providing additional pandemic-related relief for taxpayers and small businesses. The law includes additional PPP funds, stimulus checks and child tax credits, extended unemployment benefits, and relief for restaurants, as well as other provisions. Some measures will be immediate, like providing [...]
The IRS has extended the date by which individuals have to pay and file their 2020 taxes to May 17, 2021. The extension applies to all individual and family filers, no matter how much is owed, and includes self-employed taxpayers. The extension is automatic and requires no extra paperwork. The IRS said the move [...]
Protecting yourself from financial crimes is a daily fight. Scammers and hackers view getting your information as their job. They’ll spend as much time as they need scouring for victims until they find the right one. Most times, it’s not an elaborate scheme that people fall prey to. It’s negligence. Scammers are counting on you [...]
When it comes to professionals as top box-office movie characters, doctors and lawyers aren’t the only ones lighting up the silver screen. Accountants have been the lead characters in a host of movies ranging from comedy to love stories to action thriller. With Tax Season 2021 fast approaching, we thought now would be a great [...]
If you worked from home during 2020, you may be wondering if you can deduct any expenses related to setting up your home office. The answer depends on whether you were an employee or an independent contractor. But home office expenses aren’t the only tax issue to consider when working from home in 2020. Working [...]
After months of disagreements and delays, Congress passed and President Trump signed a second coronavirus relief stimulus package. The law provides $900 billion in assistance to individuals and businesses, including another round of stimulus checks, extended unemployment benefits, and more Paycheck Protection Program (PPP2) funding. The stimulus package also simplifies the PPP forgiveness process for [...]
Goodbye – or good riddance – to 2020 and hello to 2021! The new year is fast approaching, and it’s time for a financial refresh. Now is a great time to review your financial situation and set plans for next year. Here are tips for making sure you are set and that 2021 doesn’t catch [...]
