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Taxpayers will soon be able to file amended tax returns electronically

2020, Individual, Tax Tips / By

IRS Tax Tip 2020-69, June 11, 2020 Later this summer, for the first time taxpayers will be able to file their Form 1040-X, Amended U.S Individual Income Tax Return electronically. Making this form electronically fileable has been a long-time goal for the IRS. It will greatly benefit the tax professional community and taxpayers. The new electronic option …

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Here’s who qualifies a taxpayer for the child and dependent care credit

2020, Individual, Tax Tips / By

IRS Tax Tip 2020-68, June 10, 2020 Childcare or adult dependent care can be a major expense. Fortunately, the child and dependent care credit can provide some relief. Taxpayers who pay for daycare expenses may be eligibleto claim up to 35% of what they spend; limits apply. For the purposes of this credit, the IRS …

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Who qualifies for which new employer tax credit?

2020, Small Business, Tax Tips / By

COVID Tax Tip 2020-67, June 9, 2020 Many businesses affected by COVID-19 qualify for tax relief though credits or deferrals. Here’s a breakdown of which employers qualify for these new tax credits and the deferral of employment tax deposits and payments through December 31, 2020. Credits for paid sick and family leave Businesses and tax-exempt organizations that have less …

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Here are answers to a few common questions about Economic Impact Payments

2020, Individual, Tax Tips / By

COVID Tax Tip 2020-60, May 21, 2020 As people receive their Economic Impact Payments, they might have questions about their payment, the amount, and how they get it. The IRS updates the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available. Here are answers to a few common questions. …

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Here’s why some people’s Economic Impact Payment is different than expected

2020, Individual, Tax Tips / By

COVID Tax Tip 2020-59, May 20, 2020 As people across the country receive their Economic Impact Payments, some might receive a different amount than they expected. Eligible individuals receive a payment for $1,200. Two eligible individuals filing a joint return receive $2,400. And, eligible individuals receive up to an additional $500 for each qualifying child …

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Employee retention credit available for businesses affected by COVID-19

2020, Small Business, Tax Tips / By

COVID Tax Tip 2020-58, May 19, 2020 The employee retention credit is designed to encourage businesses to keep employees on their payroll. The amount of the credit is 50% of qualified wages paid up to an annual limit of $10,000, which equals a maximum credit amount of $5,000 for each employee for the year. Who is eligible for …

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