(Author’s Note: After this article was published, on March 20, 2020, Treasury Secretary Mnuchin announced that the tax filing deadline has been extended to July 15, 2020. The IRS has since issued new guidance which replaces the guidance in this piece.) As the numbers of confirmed cases of COVID-19 continue to increase in the United States, the…
More economic relief is on the way. That was the word out of the White House briefing today regarding the COVID-19 pandemic. COVID-19 is the official name for the infectious disease caused by the most recently discovered coronavirus. According to the World Health Organization, as of March 18, 2020, there are 193,029 confirmed cases of COVID-19…
(Author’s Note: After this article was published, on March 20, 2020, Treasury Secretary Mnuchin announced that the tax filing deadline has been extended to July 15, 2020.) The devil is in the details. As rumors fly about tax relief in response to COVID-19, tax professionals – including me – have been encouraging taxpayers to proceed with caution….
Yesterday wasn’t a pretty day on Wall Street. The Dow Jones industrial average plunged nearly 3,000 points sending stocks tumbling to their worst single-day losses since the Black Monday crash of 1987. The markets were mainly reacting to the coronavirus (COVID-19) pandemic. COVID-19 is the official name for the infectious disease caused by the most…
All local Social Security offices will be closed to the public for in-person service starting Tuesday, March 17, 2020. According to the Social Security Administration, “This decision protects the population we serve—older Americans and people with underlying medical conditions—and our employees during the Coronavirus (COVID-19) pandemic.” COVID-19 is the official name for the infectious disease caused…
In February of 2020, more than 69 million people collected a check for Social Security, Supplemental Security Income (SSI), or both. The majority of those beneficiaries (nearly 50 million) were over the age of 65. Many of those seniors will receive those benefits tax-free, while others may be required to pay tax on their benefits. Are your…
As numbers of confirmed cases of COVID-19 continue to increase in the United States, the federal government is taking actions to reduce the impact on individual and business taxpayers. COVID-19 is the official name for the infectious disease caused by the most recently discovered coronavirus. According to the World Health Organization, as of March 14, 2020,…
The Internal Revenue Service (IRS) has announced the indictment of Michael Rahim Mohammad, a Dutch national. Mohammad, sometimes called “Mr. Dark,” has been accused of operating Dark Scandals, websites that featured violent rape videos and depictions of child pornography. According to court pleadings, Mohammad was the administrator of the DarkScandals Sites, which he began operating in or…
(Note: Updated April 1, 2020) On March 20, 2020, Treasury Secretary Mnuchin extended the tax filing and payment deadline to July 15, 2020. You can find more information and guidance here. Some tax-related agencies and departments are closing: The US Tax Court is closed to the public (notice downloads as a PDF). You may still file petitions and use online…
The Internal Revenue Service (IRS) has announced that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA). The notice is in response to growing…