tax return

During the COVID-19 pandemic, the IRS has furloughed many of its employees or had them work from home to mitigate the spread of the virus. Many IRS offices remained shuttered for months, and a backlog of millions of pieces of unopened mail accumulated in trailers set up outside IRS facilities.

As the November elections approach, you might want to know what the two front-running presidential candidates’ tax plans for the future are. The following is an overview of their positions, at least what is known now.

We are still waiting for the dust to settle on what President Trump’s executive orders mean for taxpayers and business owners. There is a lot of talk about legal challenges and how Congress may react, but here is a summary of what we know now.

Temporary Payroll Tax Relief

The global coronavirus pandemic has changed every single facet of our world – from the way we work to how we live our day-to-day lives – and we have been forced to quickly adjust.

Unfortunately, there are those out there who seek to take advantage of this turbulent time.

Under new guidelines that apply only to the 2020 tax year, you can now donate 100% of your adjusted gross income and have it all offset your taxable income completely, as opposed to the usual 60% it was capped at before.

With the impact of the COVID-19 crisis affecting people all over the country, the Internal Revenue Service and the Treasury Department have said that the monies promised to Americans will begin being distributed within the next three weeks, providing a lifeline to those whose financial lives have been upended by the pandemic.

With much of the country in self-isolation, perhaps you’ve got time to read the entire H.R. 748 Coronavirus Aid, Relief and Economic Security Act or CARES Act. If you’d prefer, here is a summary of many of the key provisions we’d be happy to discuss with you in person (virtually), depending on which ones apply to you. Questions?

The “Coronavirus Aid, Relief and Economic Security Act” (CARES Act) includes many tax and financial breaks for both individuals and businesses. We broke down many of the essential elements and how they can assist you and your business during this troubling time.

On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, retirement and IRA plan modifications and other changes that will impact a large portion of U.S. taxpayers as a whole.

The IRS recently issued new cryptocurrency guidance and is hot on your trail if you bought and sold cryptocurrency and didn’t report it on your tax return.

Here are the tax basics. You’ll treat cryptocurrency as property for tax purposes.