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Coronavirus Tax Changes - clipboard with IRS

Takeaways on Coronavirus Tax Changes

In response to the coronavirus pandemic, the IRS has implemented numerous changes that go well beyond tax filing extensions and stimulus payments.  Here are takeaways on the Coronavirus  tax changes; significant changes that could affect you and your family: Early distribution penalty waived The 10% early distribution penalty on up to $100,000 of retirement withdrawals for coronavirus-related reasons is waived during 2020. New provisions allow tax liabilities on these distributions to be paid over a three-year period. The new rules also...

April 14, 2020Read more...
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Families First Coronavirus Response Act

On March 18, 2020, the Families First Coronavirus Response Act was signed into law, marking the second major legislative initiative to address COVID-19. The overview below provides a summary of key provisions of the Families First Act, which includes the key points in the law. Families First Coronavirus Response Act The new law requires that small business to provide paid leave Families First Coronavirus Response Act provides worker benefits. The Families First Coronavirus Response Act is the new law passed that offers COVID-19...

April 1, 2020Read more...
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Paycheck Protection Program Overview

This article is an overview of the Payroll Protection Program or PPP, which is just one of the loans available under the new legislation.  What is the Paycheck Protection Program? The PPP is an emergency loan program intended to allow borrowers to continue to make payroll and pay other “allowable” costs over an eight (8) week period. The deadline for obtaining a loan under the Program is June 30, 2020. Your business needs to have been impacted by COVID-19. This can include staffing problems, revenue challenges,...

March 31, 2020Read more...
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Corona Disaster Loan Help

SFS Tax & Accounting Services has an update on financial help and the latest on the Corona COVID-19 drama with financial news you can really use. Corona Disaster Loan Help - This announcement is about Federal & State money for you, for your business and clearing up the misinformation / incorrect information that is floating about. Cash is King: Conserve cash. If you are down to less cash than will cover a few months of living expenses, consider cutting what...

March 25, 2020Read more...
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Hiring a Tax Preparer? Here are some tips…

Tax season is here, and you may be seeking someone new to prepare your tax return. However, remember that you, the taxpayer, are ultimately responsible for all your income tax return information. In July 2019, the IRS reminded tax practitioners that all "professional tax preparers" must create a written data security plan to protect clients. It's federal law. Do not hesitate to ask your preparer or a potential tax pro how they protect your information. Choose your tax professional carefully and perform...

January 24, 2020Read more...
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2020 Mileage Rates Announced

Dear Fellow Taxpayers, Better late than never. On December 31, 2019, the IRS issued the standard mileage rates for 2020. The Internal Revenue Service issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 57.5 cents per mile driven for business use, down one half of...

January 3, 2020Read more...
Capitol Building in Washington DC with text Tax Law Changes that Affect Your Taxes

Tax Law Changes That Affect Your Taxes

Dear Fellow Taxpayers, Tax law changes that can affect your 2018 0r 2019 taxes - On Friday, December 20th, a new bill was signed into law. There are some retroactive tax law changes to current and expired tax laws buried in the 1770 pages of the tax bill. These new law extenders are in place for both 2019 and 2020. Here are some highlights in the Tax Law Changes: Mortgage forgiveness is not income. If a bank forgives mortgage indebtedness, it is...

December 30, 2019Read more...

Unfiled Tax Returns – What to do?

I have unfiled tax returns. What should I do? Seven million taxpayers failed to file their taxes in 2014. Are you one of those individuals? No one is keen on filing their taxes, but not filing them at all is never a wise move. The Internal Revenue Service is a powerful collection agency. They are also relentless in their pursuit of the money owed to them. Getting on the wrong side of the IRS and having years of unfiled or back...

December 16, 2019Read more...
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IRS Increases Tax Deductions for 2020

The IRS recently announced the list of increased tax deductions for 2020. The Internal Revenue Service recently issued its annual inflation adjustments for dozens of tax items for the tax year 2020. The IRS increased tax deductions for 2020.  The taxman is letting you keep more of your income. The IRS increased the standard deduction to $12,400 for single filers and $24,800 for married couples filing jointly. An individual can transfer up to $11.58 million without being subject to the 40%...

November 12, 2019Read more...
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IRS Increases 401K Contribution Limits for 2020

The IRS Increases 401K Contribution Limits for 2020. As part of its annual inflation adjustments, the Internal Revenue Service announced that employees who invest in 401(k) retirement plans would be able to contribute up to $19,500 next year: The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's own Thrift Savings Plan is increasing from $19,000 to $19,500 next year. Meanwhile, the catch-up contribution limit for employees ages 50 and older who participate...

November 7, 2019Read more...