Category: IRS
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#Unemployment and Taxes
If you have clients receiving unemployment benefits this year, consider using this unemployment outreach flyer, Publication 5444 (Below), Did You Receive Unemployment Benefits? in your communications. For more information on unemployment benefits, see page 27 of IRS Publication 525, Taxable and Nontaxable Income or the IRS’s Coronavirus and Economic Impact Payments: Resources and Guidance page.…
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#Tax Relief for Victims of Hurricane Laura
IRS provides tax relief for victims of Hurricane Laura; Oct. 15 deadline, other dates extended to Dec. 31 WASHINGTON — Victims of Hurricane Laura that began Aug. 22 now have until Dec. 31, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is…
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#IRS Tax Tip – Earning side income: Is it a hobby or a business?
Whether it’s something they’ve been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year’s tax return. What the difference between a hobby and a business? A business operates to make a profit. People engage in a hobby for sport…