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Newly-Passed Restaurant Revitalization Fund and Restaurant Tax Relief Strategies

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Read this article posted on AP News Restaurant Revitalization Fund and Grants Along with small and medium enterprises, the restaurant industry has also been severely impacted by the pandemic. However, the government is trying to ensure that tax relief is provided to help the restaurant industry. This has been effectively encapsulated in the Restaurant Revitalization […]

Instructions on Reporting Unemployment Exclusion on 2020 tax returns

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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. […]

The IRS’s Incorrect Notice & Things To Watch Out for When Settling Back Taxes

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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 […]

California Legislature to consider new tax on millionaires for schools, other services

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Source: https://www.latimes.com/california/story/2020-07-28/california-legislature-tax-hike-millionaires-schools-other-services Democrats in the California Legislature have unveiled a new effort to significantly raise tax rates on taxable income of $1 million and higher, an effort they say would provide billions of dollars to improve K-12 schools and a variety of government services vital to the state’s recovery from the COVID-19 pandemic. The bill, […]

How Are Non-Filers Targeted by the IRS, and Is Time Running Out?

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Currently, there are more than 10 million taxpayers who haven’t filed their tax returns (known as non-filers) in the United States. Thanks to a budget increase, the IRS is prepared to ramp up its enforcement of the collection process targeting non-filers. The agency newly hired 10,000 agents last year and is planning to hire another 5,000 this year. With […]