Tax

During the COVID-19 pandemic, the IRS has furloughed many of its employees or had them work from home to mitigate the spread of the virus. Many IRS offices remained shuttered for months, and a backlog of millions of pieces of unopened mail accumulated in trailers set up outside IRS facilities. This includes unopened mail with… View Article

The Internal Revenue Service has announced it will reopen the registration period for federal beneficiaries with children who didn’t receive a $500 per child Economic Impact (stimulus) Payment earlier this year. When to Apply – The IRS urges certain federal benefit recipients to use the IRS.gov Non-Filers tool between August 15 and September 30 to… View Article

The IRS is mailing all recipients of Economic Impact Payments a Notice 1444 that provides information about the amount of their payment, how the payment was made, and how to report any payment that wasn’t received. If you’ve already received your economic impact payment, you’ve probably already received this document too. This notice was issued… View Article

The Coronavirus Aid, Relief, and Economic Security (CARES) Act brought about many changes in 2020, and one of those changes impacts seniors and retirees that take Required Minimum Distributions (RMDs) each year. An RMD is the minimum amount you must withdraw from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account. If you turned… View Article

As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal IRA withdrawals, and the decision whether to take advantage of the required minimum distribution suspension for 2020. Let’s look… View Article

On March 13, 2020, the President issued an emergency disaster declaration under the Stafford Act as a result of the coronavirus disease pandemic. The disaster area covers all 50 states, the District of Columbia, and five U.S. Territories. As a result, and as was done in the past in the wake of major disasters, including… View Article

The CARES Act stimulus package substantially relaxed the rules around certain retirement account loan and distribution requirements, but with much confusion. As a result, the IRS recently released a FAQ document to address the COVID-19 rule relaxation around IRA and 401(k) loans and distributions. This important information should come as welcome news for the nearly… View Article

Many small businesses are reeling from the impact of the COVID-19 pandemic. Ross Buehler Falk & Company is here to help. We have gathered a list of helpful resources for small businesses to turn to during this unprecedented time. Federal Health Resources The President’s Coronavirus Guidelines for America – A short PDF with information about… View Article

At the beginning of 2020, the Internal Revenue Service (IRS) released an updated version of Form W-4, the tax withholding form. Rather than using the allowances system, the new form calculates withholding based on information about a taxpayer’s current financial situation. A recent article for Business Insider offers guidance on when and how to complete… View Article

On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, retirement and IRA plan modifications, and other changes that will impact a large portion of U.S. taxpayers as a… View Article