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The IRS has posted a statement on its website acknowledging that it mistakenly sent non-filer notices to thousands of taxpayers regarding their 2019 returns (“CP59 notices”). The IRS shouldn’t have sent the CP59 notices because it hasn’t finished processing all the 2019 returns that were filed. The IRS sends CP59 notices to taxpayers who failed …
2020: The Year of Unemployment Did your child collect unemployment this year? Your family may be impacted by a lesser-known piece of the Internal Revenue Code aptly labeled the “Kiddie Tax”. The Kiddie Tax was implemented by the Internal Revenue Code to stop parents from shifting their investment income to their kids to avoid paying …
2020 is finally over and we all know what that means! It’s time for tax season! The COVID-19 pandemic has changed the economic landscape for just about everyone, and some of these changes may directly affect your 2020 income tax returns. No worries though, we won’t leave you hanging! The CPA Nerds have prepared our …
ERTC Money The CARES Act (passed March 27, 2020) included a novel tax credit allowing eligible employers to claim a tax credit equal to 50% of qualifying wages, up to $10,000 of compensation, for a max credit of $5,000 per employee for wages paid between March 13, 2020, to December 31, 2020. At the time, …
Highlights of Taxpayer Certainty and Disaster Tax Relief Act of 2020 Updated for Michigan Michigan COVID Relief of $465 million was passed by the Michigan legislature and was signed by Gov. Whitmer at the close of 2020 This legislation intends to provide supplemental appropriations to small businesses and entertainment venues that have been hurt by …
2020 Tax Season Preparation It’s hard to believe, but the 2020 tax season is right around the corner! Because a little preparation today produces better results tomorrow, we are already looking ahead. We value your input and ask that you take note of the following: ~ Your 2020 Tax Organizer will be mailed out to …
Tax Extension Questions 2020 has been a wild ride so far! While protecting your health, did you forget to file your taxes? Have no fear, because CPA Nerds is here to remind you of a few important things. In this article, we’ll answer a few important tax extension questions pertaining to tax filing deadlines from …
6 Upcoming Tax Dates For Your Knowledge As we approach the end of tax season, there are a number of important dates you should be aware of. We’ve compiled a list of 6 upcoming tax dates. Read more to see if you fall into one of these tax dates. March 15, 2020 Pass-Through Entities Tax …
Paycheck Protection Program: how much can you get? The CARES Act of 2020 included the Paycheck Protection Program. This stimulus is to help businesses in need during the Coronavirus pandemic as many have a disruption in business. The $349 billion funded under the Small Business Administration (SBA) is intended to provide loans to businesses to …
Tax Returns, CARES Stimulus & More We are living history, folks. Stay tuned here for more updates on this fluid situation! Dept of Treasury Paycheck Protection Program SBA Disaster Loan Assistance Application Online Paycheck Protection Application | Supplemental Information Coronavirus Tax Updates The IRS issued Notice 2020-18 on March 22, 2020, superseding Notice 2020-17. The new …
