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Beginning Jan. 5, 2021, IRS will make available the electronic version of the Form 1024-A that organizations seeking to be exempt under Section 501(c)(4) may use to submit online at https://t.co/1EGDaXuQO1.

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The Internal Revenue Service today released its 2020 annual report describing the agency’s work delivering taxpayer service and compliance efforts during COVID-19 while spotlighting actions taken by IRS employees...

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The standard mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile.

Read the full article: IRS issues standard mileage rates for 2021
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But if you know that you want to defer payment, make sure to reduce your 2020 estimated tax payments to get that cash in your pocket now.

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More informationFor more information about Economic Impact Payments and the 2020 Recovery Rebate Credit, visit https://t.co/W1oNm5vTs1.

Read the full article: Economic Impact Payments on their way, visit https://t.co/0cOenNS8MU instead of calling
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Click to share on Facebook (Opens in new window)

Read the full article: Which One Are You?
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For 2020, Carol has a whopping $23.16 million unified federal estate and gift tax exemption to work with ($11.58 million x 2).

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Using the 60 percent enables the S corporation with no employees other than the sole owner-employee that elects the eight-week covered period to achieve full forgiveness with payments for interest, rent, and utilities.

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Make 2020 the Year You Took Action!
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Why We Need To Talk NOW: https://t.co/OenBLnddUN

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The Internal Revenue Service today reminded employers that they must file Form W-2 and other wage statements by Feb. 1, 2021, to avoid penalties and help the IRS prevent fraud.

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While the IRS is exploring options to correct these payments, if you have not received your full payment by the time you file your 2020 tax return, you may claim the Recovery Rebate Credit on your tax return.

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Solo 401(k) Could Be Your Best Retirement Plan
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A 2015 law made it a permanent requirement that employers file copies of their Form W-2, Wage and Tax Statements, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by Jan. 31.

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Economic Impact Payments on their way, visit https://t.co/0cOenNS8MU instead of calling
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Now, here’s where it can get tricky: how you got those cash reserves – stimulus money, PPP funds, or just working a lot and making money – will have a direct impact on how best to spend them.

Read the full article: Keeping It Close
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Make an election to include qualified dividend income and net long-term capital gain as investment income so you can enable some or all of the interest deduction.

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Subject to certain limits, individuals who itemize may claim a deduction for charitable contributions they make to qualifying charitable organizations.

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Notice 2021-02 contains the optional 2021 standard mileage rates, as well as the maximum automobile cost used to calculate the allowance under a fixed and variable rate (FAVR) plan.

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During the first eight weeks, Jane spends $12,000 on herself and $8,000 on qualified Schedule C deductible business interest, rent, and utilities.

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