Will they or won’t they? That’s the question on the minds of many taxpayers as rumors swirl about a potential extension of the tax filing season. Sometimes rumors are just a mix of speculation and whisper down the lane. But this one really does have some basis in fact: Members of the House Ways and…
With more than a month to go until Tax Day, this isn’t typically the time that taxpayers consider filing for an extension. But this isn’t an ordinary tax season. With new rules, new forms, extenders – and coronavirus – taxpayers aren’t scrambling to file. If you’ve been pushing off filing, you may want to consider filing for an extension….
Scammers aren’t just relying on robocalls and voice mails to reach potential victims: they’re now texting. The Inspector General of Social Security, Gail S. Ennis, recently issued a warning about a new scam involving text messages that appear to come from Social Security. The texts warn about a Social Security number problem and ask the recipient to call a…
Stocks are expected to rally today after a historic drop on Monday. Concerns over the price of oil (thanks to a price war between Russia and Saudi Arabia) and how the coronavirus will further affect the global economy sent shares tumbling by 2,013 points: the most significant point drop since Dow began recording stock averages…
Have a Tax Court matter? If you’ve clicked over to the Tax Court web site lately, you’ve likely seen this: It reads: The U.S. Tax Court would like to assure the public that the Court is following recommended guidelines provided by the Centers for Disease Control and Prevention with respect to the COVID-19 Virus. For…
At least 24 people have been reported dead, dozens were injured, and tens of thousands were left without power following a series of storms in early March. The National Weather Service reported that at least six tornadoes hit middle Tennessee, including one with winds up to 175 mph (280 kph), reaching EF-4 strength. In response, the Internal…
Taxpayers are still taking their time to file: that’s the takeaway from recent filing statistics released by the Internal Revenue Service (IRS). Tax season opened on time on January 27, 2020, one day earlier than in 2019. As of the end of the first few weeks of tax season (ending February 28, 2020), the IRS had received 59,305,000 individual…
Ready to file your federal income tax return? I know: it’s still early in the season. But if you owe taxes, don’t forget to pay what you owe by Tax Day. And you don’t have to file and pay at the same time: You can file at any time so long as you pay your…
Happy birthday, Dr. Seuss! Theodor Seuss Geisel, or Dr. Seuss as he is known to most of the world, was born on March 2, 1904. And though he passed away in 1991, his books and his poems are still as popular as ever. I love the idea of combining silliness with reality and over the past few…
Still confused about the business expense deduction for meals and entertainment under the Tax Cuts and Jobs Act (TCJA)? In the months following the new law, taxpayers and tax professionals alike weren’t sure what the new limits and restrictions would mean for businesses. In October of 2018, the Internal Revenue Service (IRS) offered transitional guidance on the rules….