James Cha, CPA, CTRS Articles/News, COVID-19, Tax, Tax Relief, taxes
IRS released Instructions on Reporting Unemployment Exclusion on 2020 tax returns. The first $10,200 ($20,400 if MFJ) of unemployment benefits for 2020 will be nontaxable for taxpayers with an adjusted gross income of less than $150,000. We need to follow their specific instructions and Exclusion Worksheet to report on Schedule 1, Line 7, and 8. […]
James Cha, CPA, CTRS Articles/News, COVID-19, Tax, taxes tax relief, tax relief los angeles, tax relief services, tax resolution
The IRS’s Incorrect Notice and Things To Watch Out for When Settling Back Taxes CP59 Notice Should Not Have Been Sent Earlier this month, the IRS sent out CP59 notices to about 260,000 taxpayers that should not have been sent. This CP59 notice notified taxpayers that they failed to file their 2019 tax returns. This […]
James Cha, CPA, CTRS Articles/News, Tax, Tax Resolution
The IRS has started again to send the collection notices to taxpayers from late October. These notices were paused due to COVID-19. Now, the IRS’s mail backlog is caught up enough to enforce non-payments, and they will start levy, lien, and other threatening collection activities. Before the pandemic, there were about 15 million taxpayers in […]
James Cha, CPA, CTRS Articles/News, Tax, taxes
Did you apply for an extension to file your tax return? The deadline is just around the corner and here is what you need to know. If you filed a request for additional time to file your tax returns, that extension expires on October 15. If you are waiting for a K-1 from a partnership, […]
James Cha, CPA, CTRS Accounting, bookkeeping, Business Tips, Newsletter, Tax
You might wonder why there are so many extra tasks at year-end. While the government requires much of the work, there is clean-up work and adjustments that need to be done to make the books accurate. It’s not always cost-effective to perform all of these updates monthly, so you’re actually saving money by doing some […]
James Cha, CPA, CTRS Newsletter, Tax
Tax time is probably not your favorite time of year, especially if you have to pay the government your hard-earned dollars. Here are five tips on how we can make it just a bit less painful. 1. Have patience. Practicing patience will go a long way when you’re dealing with taxes. Keep in mind that […]
James Cha, CPA, CTRS Business Tips, Newsletter, Tax
Year-end is just around the corner, and that means a couple of administrative tasks are necessary to take care of bookkeeping and tax chores. Here are a couple of tips to make year-end go smoother. Cleaning up Things will go a lot smoother if you reach out to your vendors and employees and get their […]