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As required by law, all first and second Economic Impact Payments issued
WASHINGTON – The IRS announced today that, as required by law, all legally permitted first and second round of Economic Impact Payments have been issued and the IRS now turns its full attention to the 2021 filing season.
Beginning in April 2020, the IRS and Treasury Department began delivering the first round of Economic Impact Payments within two weeks of the legislation. The IRS issued more than 160 million EIPs to taxpayers across the country totaling over $270 billion, while simultaneously managing an extended filing season. In addition, since Congress enacted the COVID-related Tax Relief Act of 2020, the IRS has delivered more than 147 million EIPs in the second-round totaling over $142 billion.
Read more ...Get Your Money: Ensure You Receive a Stimulus Payment
Status and non-filer tools launched by IRS
The IRS recently announced the launch of web sites for non-tax filers to register to receive their economic impact payment and a new Get My Payment tool. Here is what you need to know.
Background
As a response to the coronavirus pandemic, the government is sending $1,200 to single taxpayers with income less than $75,000 ($98,000 with phaseouts). $2,400 is being sent to married taxpayers with income less than $150,000 ($198,000 with phaseouts). An additional $500 is being sent for each child under the age of 17.
The Problem
The payments are being made based on 2019 or 2018 tax returns. If you do not need to file a tax return, you run the risk of not receiving this payment. Additionally, getting payments out to everyone is technically complex. The IRS must look at both 2019 tax returns and 2018 tax returns, PLUS they are directed by Congress to match these files against two years of Social Security filings for seniors. Not an easy task!
Read more ...Small Business Owner's Guide to the CARES Act
Several aspects of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law late Friday March 27, 2020 provides for various programs to be made available to small business owners and operators through the Small Buiness Administration (SBA).
Read more ...Welcome to Don Brooks & Associates Online Office
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Explore our Online Office. There are many different ways to use the services here. You can:
- Learn about the services we offer.
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- Link to a variety of news and other helpful sites.
- Take Advantage of numerous tax tips.
Please browse the pages of this site and feel free to e-mail any questions, suggestions or other feedback. This web site is meant to be an extension of services provided to you.
Visit often as additional news and helpful information will be continually added in an effort to serve you better.
Announcements
IRS Online Account can help taxpayers get ready to file their tax return
Taxpayers can securely access and view their IRS tax information anytime through their individual online account. They can see important information when preparing to file their tax return or following up on balances or notices. This includes:
Read more ...Educators can now deduct out-of-pocket expenses for COVID-19 protective items
WASHINGTON – Eligible educators can deduct unreimbursed expenses for COVID-19 protective items to stop the spread of COVID-19 in the classroom. COVID-19 protective items include, but are not limited to:
Read more ...2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic
WASHINGTON ― The Internal Revenue Service announced that the nation's tax season will start on Friday, Feb. 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.
The Feb. 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the Dec. 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.
This programming work is critical to ensuring IRS systems run smoothly. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. These changes ensure that eligible people will receive any remaining stimulus money as a Recovery Rebate Credit when they file their 2020 tax return.
Read more ...Businesses have Feb. 1 deadline to provide Forms 1099-MISC and 1099-NEC to recipients
WASHINGTON − The Internal Revenue Service today reminded businesses and other payors that the revised Form 1099-MISC, Miscellaneous Income, and the new Form 1099-NEC, Nonemployee Compensation, must be furnished to most recipients by Feb. 1, 2021.
Read more ...How to Receive our Monthly Newsletter
Do you like our "Weekly Tax Tips" would you like to receive our monthly e-mail newsletter distributed on the first Friday of each month. The newsletter covers a broad array of tax and financial information.
You can do so by sending your This email address is being protected from spambots. You need JavaScript enabled to view it. this information will never be sold or distributed in any way.
News
Answers to Common Tax Questions
With the April 15 tax filing deadline right around the corner, here are answers to some common tax questions.
Read more ...Your Turn! New and Classic Board Games
Board games are making a comeback during the pandemic as everyone looks to stay engaged during more stay-at-home time. Here are four of the most popular board games of all time and a corresponding board game similar to the classic game that you and your family may enjoy trying.
Read more ...The New World of Bank Reconciliations
Here’s a look at the new world of bank reconciliations and some ideas to use to ensure your bank account is accurate.
The bank reconciliation purpose
In a nutshell, a bank reconciliation ensures your account is accurate. This is done by comparing all your activity with what the bank is reporting.
The importance of timely bank reconciliations
There are several reasons for conducting these account reviews on a timely basis:
Read more ...Get Your Contractor or Employee Classification Right!
Tax challenges can be VERY expensive
As a small business owner, you may face the issue of whether to classify workers as employees or as independent contractors.
Classifying your workers as independent contractors generally saves you money. That’s because you avoid paying employment taxes and benefits on their behalf.
Read more ...4 Ways to Make Sure Your Tax Return Doesn't Get Stuck
Here are four ways to make sure the preparation of your tax return keeps humming along until it gets filed.
Read more ...Be Prepared For These Pandemic-Related Tax Surprises
Don’t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return.
Read more ...Organized Business Records Save Time and Money
Here are some suggestions to help you master the art of documenting and organizing your business now and in the future.
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Weekly Tax Tip
08 March 2021
Weekly tips to help you better understand tax and financial situations.-
Defending Fair Market Value
Determining the value of items on your tax return is always open to interpretation. You do not want that to happen to you during an audit, as it can lead to additional taxes and penalties. Here are some tips to help defend your Fair Market Value (FMV) determinations.
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Review Your Social Security Earnings Report
You are the only one that can confirm the accuracy of your Social Security earnings record. Without timely correction of any errors, you may be short-changing yourself when benefit checks start. Thankfully, the Social Security Administration's online tools make it easier than ever to check your statement.