News & Information: Accounting, Tax and COVID-19 Resources
Do you have a hobby? Did it unexpectedly turn into a source of income? The IRS recently sent out a tax tip letting taxpayers know that money made is money to be reported for tax purposes. Here is the IRS tax tip: “Many people are engaged in hobby activities that... The best way to weather a storm is often by being prepared before the storm hits. In the case of small businesses, this means building a fortress balance sheet. What is a fortress balance sheet? This long-standing idea means taking steps to make your balance sheet shockproof by building liquidity.... The IRS is highlighting reasonable cause assistance available through IRS procedures for failure to file, failure to pay and failure to deposit penalties. First time abatement relief is also available for the first time a taxpayer is subject to one or more of these tax penalties. For individual taxpayers receiving... COVID-19 has impacted Flexible Spending Accounts. Be sure you take advantage of these changes if they apply to you. The Consolidated Appropriations Act, 2021 provides that employers may adopt certain temporary rules to assist employees enrolled in health or dependent care flexible spending accounts without jeopardizing their status as a... With the April 15 tax filing deadline right around the corner, here are answers to some common tax questions. When will I get my refund?The pandemic and additional stimulus payments will, in all probability, delay refund payments. But as of now here are the old wait times to receive your...
