Unrealistic advice from IRS to gig workers

Posted Leave a commentPosted in crisis management, Government, IRS, Taxes

IRS says: “The gig economy, also called sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of the most popular. Here are […]

Inability to update electronic banking with IRS

Posted Leave a commentPosted in Banking, crisis management, IRS

Self-serve Options It seems that some of us were given inaccurate information about the ability to update personal bank accounts for the purpose of the Economic Impact Payment. As of today, this is what is posted on the IRS web page: “If we don’t have your direct deposit information from your 2018 or 2019 return […]

File now to receive a CARES stimulus payment

Posted Leave a commentPosted in CARES Act, crisis management, IRS

Millions of Americans are eligible for a stimulus payment from the U.S. Treasury Department as part of the federal government’s corona virus crisis response but will not receive this money unless they take additional action. This blog post focuses on those estimated 400,000 to 500,000 who are otherwise eligible for a stimulus payment but have […]

3 IRS tax forms that you may need in 2020

Posted Leave a commentPosted in IRS, Taxes

Most of us file taxes electronically without any need for paper forms. However, paper forms are allowed in most cases and may be useful. Here are three downloadable and printable IRS forms from cpapracticeadvisor that may be useful now: 2019 Form 1040 for individual income tax filing 2019 Form W2 for reporting wages paid 2020 […]

Tax preparers in trouble with IRS

Posted Leave a commentPosted in IRS, Taxes

How do tax preparers get into trouble with the IRS? In 2018 the Office of Professional Responsibility, under the Internal Revenue Service, investigated over 2,600 cases of tax preparer misconduct. According to the Office’s latest report, the three most common problems were: Claiming false credentials on Form 2848 (Power of Attorney) or using that power […]

Tax filing trends indicate future direction for professionals

Posted Leave a commentPosted in Financial Planning, IRS, Tax Planning, Taxes

We are only half way through the tax filing season but so far the IRS reports that tax filer behaviors are significantly different than a year ago. The number of tax returns filed has dropped by more than 12% and the number of paid preparer returns (often including the more complicated tax returns) dropped even […]