Tax Pro Plus
2999 Overland Ave.
Suite 204
Los Angeles, CA 90064
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Ph: (310) 827-4829
Fax: (310) 842-7160
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Dear Valued Client,
In this edition of our newsletter: a reminder that October 15th is the final individual tax deadline for those on extension, plus we cover tax issues regarding the unemployed, state residency tax issues, starting a business during the pandemic, and much more.
We know many of you are concerned about your financial future. This year, more than ever, proactive tax planning can save you vast amounts of money and stress. Make sure you talk to us before making any significant tax or business decisions.
If you, your colleagues, family, or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous.
If you should have any questions or need to schedule an appointment, please feel free to contact us directly. Until then, please stay safe.
Tax Pro Plus
In this edition of our newsletter: a reminder that October 15th is the final individual tax deadline for those on extension, plus we cover tax issues regarding the unemployed, state residency tax issues, starting a business during the pandemic, and much more.
We know many of you are concerned about your financial future. This year, more than ever, proactive tax planning can save you vast amounts of money and stress. Make sure you talk to us before making any significant tax or business decisions.
If you, your colleagues, family, or friends need help, we are here for you. We will continue our efforts to monitor the latest opportunities aimed at keeping all of our clients prosperous.
If you should have any questions or need to schedule an appointment, please feel free to contact us directly. Until then, please stay safe.
Tax Pro Plus
October's Extended Due Date Is Fast Approaching
Because of the COVID-19 pandemic emergency, the IRS postponed the original due date for filing 2019 returns to July 15, 2020. If you could not complete your 2019 tax return by July 15 and filed a request for additional time to file, that extension expires on October 15, 2020. Failing to file before the extension period runs out may cost you late-filing penalties.
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Foreign Account Reporting Due October 15
All United States entities (including citizens and resident aliens as well as corporations, partnerships, and trusts) with financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts and securities) need to report these relationships to the U.S. Treasury if the aggregate value of those accounts exceeds $10,000 at any time during the year. Failure to file the required forms can result in severe penalties.
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Ready for the 1099-NEC?
The Internal Revenue Service has resurrected a form that has not been used since the early 1980s, Form 1099-NEC (the NEC stands for non-employee compensation). This form will be used to report non-employee compensation in place of the 1099-MISC, which has been used since 1983 to report payments to contract workers and freelancers. Form 1099-MISC has also been used to report rents, royalties, crop insurance proceeds and several other types of income unrelated to independent contractors.
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Tax Consequences of Losing Your Job
If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. The following are typical issues related to tax treatment:
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Do You Know Unemployment Benefits Are Taxable?
With the passage of the CARES Act stimulus package earlier this year, the federal government added $600 to the normal state weekly unemployment benefits and increased the number of benefit weeks to a total of 39.
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Still Waiting for the IRS to Cash Your Check?
During the COVID-19 pandemic, the IRS has furloughed many of its employees or had them work from home to mitigate the spread of the virus. Many IRS offices remained shuttered for months, and a backlog of millions of pieces of unopened mail accumulated in trailers set up outside IRS facilities.
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How to File Taxes After Moving to a New State
When you move to a new state, it’s important to be aware of the implications for your taxes. Learn more about establishing residency, part-year tax returns, and more.
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Actually, a Recession is a Great Time to Launch That New Startup
Many entrepreneurs are afraid to make a move during a recession – but these periods of downturn may actually be the ideal time to launch a new startup.
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10 Tips for Better Budgeting…
…and how QuickBooks Online can help you with the mechanics.
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The Tax Pro Plus newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Tax Pro Plus, go to http://www.taxproplus-la.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.
Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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