TAX PRO PLUS LA

Video: COVID Tax Relief Act Updates

The recently released COVID Tax Relief Act provided more than extended unemployment relief and stimulus payments. See a summary of the benefits and if they apply to you.

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IRS Offers New Identity Protection for Taxpayers

In the past, the IRS has assigned verification numbers to victims of identity theft to file their tax returns, if requested by the victimized individual. These numbers are referred to as identity protection (IP) PINs. The IP PIN is a six-digit code known only to the taxpayer and the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayer’s personally identifiable information.

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Beware: These Tax Return Red Flags Could Catch the Eye of the IRS

Receiving an audit notification can be a scary thing for any taxpayer. Here are some of the tax return red flags that could spark the interest of the IRS.

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4 Questions Business Owners Should Consider During the 2020 Tax Season

As you begin the process of filing your 2020 business tax return, don’t forget to consider some of the ways COVID-19 may have affected things.

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How Biden's Rescue Plan Might Impact Your Taxes

President Biden released his “American Rescue Plan” on January 14. It is a wish list of proposals he wants Congress to enact to address the COVID-19 pandemic and associated economic crisis. While some of the proposals are intended to be in effect for just one year, it isn’t too great a stretch of the imagination that these could later be extended or made permanent, as many of them have been on the Democrats’ agenda for some time. The anticipated cost of the American Rescue Plan, if all of the proposals are agreed to by Congress, is $1.9 trillion. None of Biden’s proposals are revenue raisers, and according to a January 15, 2021 Wall Street Journal report, he intends to use government borrowing to pay for his plan. Following are some of the tax-related proposals.

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