The federal credit for the purchase and installation costs of a residential solar-power system is fading away and will no longer be available after 2021; plus, the credit itself is being reduced.
FIDELISCPA.COM
Solar Tax Credit is Sunsetting Soon
This is how much the average amount Americans pay in federal income taxes, broken down by income level.
BUSINESSINSIDER.COM
The average amount Americans pay in federal income taxes, by income level
Transform your life. Wednesday Wisdom from Fidelis CPA
The decision concerning whom you designate as the beneficiary of your traditional IRA is critically important and affects the minimum amounts you must withdraw from the IRA when you reach age 72, who will get what remains in the account after your death, and how that IRA balance can be paid out to beneficiaries.
FIDELISCPA.COM
Keeping Your Designated IRA Beneficiary Current is Important
The tax filing extension deadline, October 15th, is just around the corner. Here is a quick reminder of what you need to know.
The IRS announced last week that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act "should not file information returns or furnish payee statements to report the forgiveness."
ACCOUNTINGTODAY.COM
IRS says lenders don’t need to report PPP loan forgiveness
The Department of Justice has charged Robert Brockman, a Texas billionaire, with the biggest tax fraud case in U.S. history.
THEHILL.COM
Justice Dept. charges Texas billionaire with biggest tax fraud case in US history
Transform your life. Wednesday Wisdom from Fidelis CPA
Are you an investor in stocks, bonds, mutual funds, etc.? If so, when you sell those securities, you will undoubtedly want to minimize your gains or maximize your losses for tax purposes. To do that, you'll need to know your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments.
FIDELISCPA.COM
Are You Keeping Track of Your Investment Basis?
Another handy use for your smartphone: starting this month, the IRS is adding a QR code to its tax notices so you can scan it, securely access your account, set up a payment plan, or contact the Taxpayer Advocate Service.
FORBES.COM
Pay With Your Smartphone: IRS Adds QR Codes To Tax Bills
Here's some motivation for your Monday from Fidelis CPA
Restaurant owners: this article has some great ideas on tactics that have helped businesses like yours "stay open and even prosper during the industry's most challenging time."
ENTREPRENEUR.COM
7 Things Restaurant Entrepreneurs Must Do to Survive and Thrive During the Great Pandemic Depression
14 million to 23 million Americans "are planning to relocate to a new U.S. city or region due in part to the growing acceptance of remote work," according to a new report.
CNBC.COM
Vast migration of over 14 million Americans coming due to rise in remote work, study shows
SCAM alert: The IRS is warning taxpayers about a new text message scam to trick people into disclosing bank account information in order to receive a stimulus check.
FORBES.COM
IRS Warns On New Scam Related To Stimulus Checks
Some insider tax knowledge from Fidelis CPA.
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 gives rise to more than the usual tax planning opportunities. Watch this video to learn about these possibilities.
Many people are renting out their homes or vacation homes and are not aware of some special rules that apply to short-term rentals. Some of these rules can be beneficial, while others can be very detrimental.
FIDELISCPA.COM
Renting Your Home or Vacation Home for Short Periods
The IRS has announced it is "expanding taxpayer options for making payments and alternatives to resolve balances owed" for those impacted by COVID-19.
FORBES.COM
IRS Will Expand Resolution Options To Help With Tax Bills During Covid
A good goal to strive for: Make 2021 the year you stop living from paycheck to paycheck.
FOOL.COM
How to Stop Living Paycheck to Paycheck in 2021
Make your Monday great with this motivation from Fidelis CPA
COVID-19 has touched nearly every aspect of the lives of every American, including our financial health. There will be some tax implications that many people have not considered. Watch the following video for some possible tax consequences so you can be prepared when tax time comes.
Some would-be recipients of stimulus checks were when they checked the status of their payments via the IRS Get My Payment tool only to discover that they did not recognize the destination bank account. Here's why.
FASTCOMPANY.COM
IRS Get My Payment: Stimulus check went to the ‘wrong’ bank account? This might be why
It's a new year, and no one knows for sure what 2021 will hold. But as a business owner, you have to plan and prepare your business for any difficult situation.
ENTREPRENEUR.COM
5 Business Survival Tips for 2021
Millions of stimulus checks have been deposited in incorrect customer accounts due to an IRS error. Here's the full story.
REUTERS.COM
Error puts millions of U.S. stimulus payments in wrong accounts -TurboTax
