Self-Employed and Credit for Sick and Family Leave for Tax Year 2020
The credits created under the Family First Coronavirus Response Act that apply to employers with under 500 employees whose employees take sick and/or family leave due to COVID-19 also apply to self-employed individuals.
Individual IRS Online Account
The IRS offers each taxpayer a way to access their federal tax information through their individual online account.
IRS Guidance on Identity Theft of Unemployment Benefits
The IRS is providing the following guidance for taxpayers that received a Form 1099-G for unemployment benefits they did not actually get because they were victims of identity theft (someone filed an unemployment claim using stolen personal information for an individual who did not file a claim).
Tax Year 2020 State Health Insurance Mandates
Even though there is no longer a federal penalty for not having health insurance, four states and Washington DC do impose a penalty for residents not having health insurance for all or part of 2020.
Processing Delays for Certain Federal Returns this Filing Season
During this filing season there will be a delay in processing returns.
CrossLink Professional Tax Solutions (CPTS) Announces Streamlined Payment Processing to Tax Professionals
Cloud-based solution supports in-person payments, managed through one interface.
Additional 2020 Federal Individual Tax Law Changes
Included in the 2021 Appropriations legislation that was signed into law on December 28 were the following tax law provisions that will affect 2020 federal individual returns.
Additional Information on the 2nd Economic Impact (Stimulus) Payment
The IRS has released additional information about how the 2nd economic impact payments.
Second Economic Stimulus Payment (Economic Impact Payment)
A second round of economic impact payments were included in the just passed Appropriations bill.
2020 National Security Awareness Tips for Upcoming 2021 Filing Season
As the 2021 filing season approaches the IRS is warning taxpayers and tax preparers to remain vigilant due to the constantly evolving threats and scams from fraudsters.