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Business owners should visit IRS.gov for help with tax actions when closing a business

2020, Small Business, Tax Tips / By

IRS Tax Tip 2020-131, October 5, 2020 Closing a business is always a difficult decision regardless of the circumstances. With this in mind, the IRS redesigned the closing a business page of IRS.gov to help business owners navigate the federal tax steps when closing a business. Small businesses and self-employed taxpayers will find a variety of information …

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Taxpayers should know and understand their correct filing status

2020, Tax Tips / By

IRS Tax Tip 2020-130, October 1, 2020 Taxpayers need to know their correct filing status and be familiar with each option. Generally, the taxpayer’s filing status depends on whether they are single or married on Dec. 31 and that determines their status for the whole year. However, more than one filing status may apply in certain situations. …

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Terms to help taxpayers better understand Individual Retirement Arrangements

2020, Individual, Tax Tips / By

IRS Tax Tip 2020-129, September 30, 2020 Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don’t know how IRAs help them save for retirement. People can set up an IRA with a bank or other financial institution, a life insurance company, mutual fund or stockbroker. Here’s a list of basic terms …

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Deadlines to register for an Economic Impact Payment are just around the corner

2020, Tax Tips / By

COVID Tax Tip 2020-126, September 25, 2020 Federal benefit recipients who don’t normally have a filing requirement but do have qualifying children must register by Wednesday, Sept. 30 to receive a $500 catch-up payment per child. Other non-filers have until Thursday, October 15 to register for their Economic Impact Payment. Anyone using the Non-Filers tool …

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Businesses can file cash transaction reports electronically and in batches

2020, Tax Tips / By

IRS Tax Tip 2020-123, September 22, 2020 Businesses that receive cash payments of more than $10,000 must report these payments to the IRS – it’s the law. Now businesses can batch file their cash reports; this is especially helpful for those required to file many forms. Here are some key things to know about reporting these …

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What to know about the tax-exempt application process for charities

2020, Tax Tips / By

IRS Tax Tip 2020-121, September 17, 2020 Organizations that meet specified requirements under Section 501(c) of the Internal Revenue Code may qualify for tax-exempt status. These include charities, social welfare organizations, civic leagues, social clubs, labor organizations and business leagues. Most organizations are required to apply for recognition as tax-exempt. Here are some key things …

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