CARES Act: Information for Individual Taxpayers
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, often referred to as the stimulus bill, was signed into law on March 27, 2020, and contains legislation to stabilize the economy during the coronavirus pandemic. These measures include economic recovery checks for taxpayers, as well as several other tax provisions affecting individuals. Let’s take a […]
Dealing With Deposits in Quickbooks
Recording payments, whether they come in to comply with an invoice you sent or are issued as sales receipts, is one of the more satisfying tasks you do in QuickBooks. The sales cycle is almost complete, and you’re about to have more money in the bank – once you document the payments as bank deposits. […]
Home Equity Loan Interest Still Deductible
The Tax Cuts and Jobs Act has resulted in questions from taxpayers about many tax provisions including whether interest paid on home equity loans is still deductible. The good news is that despite newly enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit […]
ACA Reporting Requirements for Employers
ACA Reporting Requirements for Employers The health care law contains tax provisions that affect employers. Two parts of the Affordable Care Act apply only to applicable large employers. These are the employer shared responsibility provisions and the employer information reporting provisions for offers of minimum essential coverage. The size and structure of a workforce […]
U.S. Tax Return for Seniors
Six Facts About Form 1040-SR Taxpayers aged 65 or older now have the option to use Form 1040-SR, U.S. Tax Return for Seniors, thanks to the Bipartisan Budget Act of 2018, which required the IRS to create a new tax form for seniors. Here are six facts you should know: Form 1040-SR is designed with larger font […]
Student Loans: Cancellation of Debt Relief
Taxpayers who took out federal or private student loans to finance their attendance at a nonprofit or for-profit school now qualify for safe harbor with regard to cancellation of debt income for discharged student loans. Relief is also extended to any creditor that would otherwise be required to file information returns and furnish payee statements […]
Tax Filing Season Begins
January 27, 2020, marked the start of this year’s tax filing season. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return. With more than 150 million individual tax returns expected to be filed for the 2019 tax year, here’s what individual taxpayers can expect: Another New Design for Form 1040 The new […]
Tax Extenders, Retirement Plan Changes, and Repeals
The Further Consolidated Appropriations Act, 2020, signed into law on December 20, 2019, extended a number of expired tax provisions for business and individuals through 2020. It also included several retirement plan changes and repealed three health care taxes. Here’s what you need to know: Individual Tax Extenders Mortgage Insurance Premiums. Homeowners with less than 20 […]
