As we have warned in the past ITIN’s not used at least once every 3 years and 5 years after issuance now expire, the following applies to the 2020 tax year for returns filed in 2021. The later requirement will affect ITINs with middle digits of 88, 90, 91, 92, 94, 95, 96, 97, 98 or 99, if assigned before 2013 and if not already renewed. buff.ly/3cHrs0p
PROTAXCONSULTING.COM
Taxpayers Should Renew Expiring ITINs Early To Avoid A Refund Delay Next Year | Protax
As first reported on April 27. 2020 in light of the Covid-19 epidemic the IRS released Revenue Procedure (Rev Proc) 2020-27. Rev Proc 2020-27 Affects U.S. persons living and working outside the U.S. https://buff.ly/3ckTtKV
PROTAXCONSULTING.COM
protaxconsulting.com
As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2019 H.S.A. Contribution limits for the upcoming 2020 (done in 2021) tax year. https://bit.ly/2Ds2mph
PROTAXCONSULTING.COM
HSA Contribution Limits Increase For 2021 | Protax Consulting Services | 212-714-9070 | protax@protaxconsulting.com
The US Senate passed the Houses version on Wednesday June 3, 2020, and the Paycheck protection Flexibility Act becomes law in essence making it easier for businesses to have their PPP loans forgiven by extending the period from 8 to 24 weeks (this is optional, and extends the window from June 30 to December 31, 2020) they must use the money to qualify for loan forgiveness and changed the 75/25 rule to 60/40 (with the addition of a cliff, all or nothing) of payroll to other cost committed under the program. http://buff.ly/2EzNC8i
PROTAXCONSULTING.COM
PPP Forgiveness Changes Coming As Senate Passes House Bill | Protax Consulting Services | 212-714-9070 | protax@protaxconsulting.com
Finally…the IRS announces in IR-2020-107 that starting this summer of 2020 they will begin to allow for Amended efiling starting with the 2019 tax year only, a long awaited and overdue change that should dramatically speed up the processing times of filing amended tax returns hat have stretched anywhere from 6 months to up to 1 year. buff.ly/31bCwyR
PROTAXCONSULTING.COM
IRS Announces Form 1040-X Electronic Filing Options Coming This Summer; Major Milestone Reached For Electronic Returns | Protax Consulting Services | 212-714-9070 | protax@protaxconsulting.com
The IRS reminds us that under the Families First Coronavirus Response Act employers with fewer than 500 employees can grant paid leave for an employee to take care of their health needs related to COVID -19 or to care for their family members from April 1 through to December 31, 2020, and that businesses can claim two new refundable payroll tax credits for granting paid leave to their employees that will immediately and fully reimburse employers the related cost of providing the related leave o their employees. https://buff.ly/2XFojb7
PROTAXCONSULTING.COM
Employers can grant paid leave for COVID-19 | Protax Consulting Services | 212-714-9070 | protax@protaxconsulting.com
The IRS does an excellent job at explaining and advising on the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). https://buff.ly/2FSKPaP
PROTAXCONSULTING.COM
Tax Credits Can Help Offset The Cost Of Higher Education | Protax
The IRS announces in IR-2020-182 as we reported on May 27, 2020 that the ability to for Amended efiling starting with the 2019 tax year only, is now a reality and is effective and in place effective August 17, 2020. Our software providers this option available as of August 26, 2020. buff.ly/2SUKiIo
PROTAXCONSULTING.COM
Now Available: IRS Form 1040-X Electronic Filing | Protax
Every tax year the IRS reminds us of Hobby Loss deductibility restrictions, please keep these in mind when preparing your US income taxes!! https://buff.ly/30FB07j
PROTAXCONSULTING.COM
Earning Side Income: Is It A Hobby Or A Business? | Protax
As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2021 Pension Plan limitations as pertains to ORC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA's, Cat-up's and Defined Contribution Plans. buff.ly/2TW3beH
PROTAXCONSULTING.COM
Income Ranges For Determining IRA Eligibility Change For 2021 | Protax Consulting Services
As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2021 inflation increases to such items as tax rate brackets, Standard Deductions and Exemptions and applicable phase out ranges for each, IRC Sec 911 Foreign Earned Income Exclusion, IRC Sec 877(A) Expatriation provisions 5 year annual income tax payable threshold and Expatriation Exemption amount, and much more… buff.ly/32g4gT0
PROTAXCONSULTING.COM
IRS Provides Tax Inflation Adjustments For Tax Year 2021 | Protax Consulting Services
FinCEN (Financial Crimes Enforcement Network) on December 31, 2020 advised filers that although accounts holding virtual currency are not currently considered a reportable account, it to pros=pose shortly changes that will require virtual currency... https://buff.ly/39v60vR
PROTAXCONSULTING.COM
Report of Foreign Bank and Financial Accounts (FBAR) Filing Requirement for Virtual Currency FinCEN Notice 2020-2 | Protax Consulting Services
The Consolidated Appropriations Act, 2021 includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations... https://buff.ly/3a9vyO7
PROTAXCONSULTING.COM
Many Tax Provisions Appear In Year-End Coronavirus Relief Bill | Protax Consulting Services
Hear Ye Hear Ye read all about it----With the tweaking on the IRS platform form the upcoming 2021 tax season for the 2020 US tax year about to come to a close, the IRS reminds us that tax season will officially kick off February 12., 2021! Anchors away. https://buff.ly/3sM0Dju
PROTAXCONSULTING.COM
2021 Tax Filing Season Begins Feb. 12; IRS Outlines Steps To Speed Refunds During Pandemic | Protax Consulting Services
President Trump signed into law on Sunday December 27, 2020 passed by Congress on December 21, 2020. The Consolidated Appropriations Act, 2021 just after unemployment benefits expired and hours before the Federal government was due to shut down now... https://buff.ly/3qBxKVi
PROTAXCONSULTING.COM
COVID-19 Relief Bill Addresses Key PPP Issues | Protax Consulting Services
Some pre-tax planning messages for the upcoming 2021 tax season re the 2020 US income tax filings. https://buff.ly/3mHCSFv
PROTAXCONSULTING.COM
What Can You Do To Minimize Your Tax Burdens? | Protax Consulting Services
The district court in the matter of Bittner (DC TX 6/29/2020), concluded that the penalty for a non-willful FBAR violation relates to each FBAR Form 114 not timely or properly filed rather than to each foreign financial account maintained but not timely or properly reported. Only time will tell if the IRS and US Treasury agree and di not appeal the decision and or modify their respective Form 114 and Form 8938 instructions. http://buff.ly/365pVji
PROTAXCONSULTING.COM
DC Holds That Non-Willful FBAR Violation Calculations Is Per Year Not Per Account | Protax
