This article was published by the IRS. The Internal Revenue Service is reminding taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year. Following special tax law changes made earlier this year, cash donations of up to $300 made before December 31, [...]
This article was published by the IRS. There is a new Form 1099-NEC, Nonemployee Compensation for business taxpayers who pay or receive nonemployee compensation. Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee. Generally, payers must file Form 1099-NEC by January 31. For 2020 [...]
This article was published by the IRS. Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that's personally meaningful to them, their charitable donations may be tax deductible. These deductions basically reduce the amount of their taxable income. Here's how the CARES Act changes deducting charitable contributions made in 2020: Previously, charitable [...]
In this week’s Monday episode (June 22, 2020) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather reported that the IRS approved some relief last week. If you were 70 1/2 in 2019 and were required to take distributions from a retirement plan like a 401(k) or IRA, the question has been what would happen if [...]
In this week’s Monday episode (June 22, 2020) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather reported that there was a lot of movement in various initiatives over the past week. The SBA finally updated their website to include the new PPP loan forgiveness application, as well as the EZ version of the application. The [...]
