2020 depreciation limits for cars and trucks are issued

The IRS on Wednesday issued the limitations on depreciation deductions for passenger automobiles first placed in service in 2020 and the amounts of income inclusion for lessees of passenger automobiles first leased during 2020 (Rev. Proc. 2020-37). For these purposes, passenger automobiles include trucks and vans. The amounts in the revenue procedure are inflation-adjusted as required by Sec. 280F(d)(7), using the automobile component of the chained consumer price index for all urban consumers (C-CPI-U). For passenger automobiles to which the Sec. 168(k) additional (bonus) first-year depreciation deduction applies and that are acquired after Sept. 27, 2017, and placed in

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IRS Won’t Extend Deadline Again! Tax Returns ARE Due by July 15

The Department of the Treasury and IRS have announced the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15. Due to COVID-19, the original filing deadline and tax payment due date for 2019 was postponed from April 15 to July 15. The IRS reminds taxpayers filing Form 1040 series returns that they must file Form 4868 by July 15 to obtain the automatic extension to Oct. 15. The extension provides additional time to file

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IRS announces Form 1040-X electronic filing options coming this summer; major milestone reached for electronic returns

The Internal Revenue Service announced that later this summer taxpayers will for the first time be able to file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products. Making the 1040-X an electronically filed form has been a goal of the IRS for a number of years. It’s also been an ongoing request from the nation’s tax professional community and has been a continuing recommendation from the Internal Revenue Service Advisory Council (IRSAC) and Electronic Tax Administration Advisory Committee (ETAAC). Currently, taxpayers must mail a completed Form 1040-X to the IRS for processing.

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FAQs About COBRA Insurance Coverage

  If you’ve recently lost your job, it doesn’t necessarily mean you’ve lost your insurance. You may qualify for COBRA. At this point, you may be asking how a snake is going to help you with health insurance as you’re feeling the painful bite of unemployment. You’ve also lost your health insurance coverage that you had through that employer. That’s perfect timing — you can’t simply buy a new individual health insurance policy because you can’t afford the premiums since you’re without a job. It’s not as though you could pay for any medical fees out of pocket without

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Federal Income Tax Filing Date postponed to July 15

On March 20th, Secretary-Treasurer Steven Mnuchin announced that the April 15 tax filing deadline will be postponed to July 15 to better align with the IRS 90-day deferment of the tax payment deadline. State tax jurisdictions are playing catch up to the announcement, but early indications are many will be setting their own deadline rather than aligning with the federal deadline. The Treasury Department and the IRS have announced special payment relief in response to the COVID-19 pandemic. This information is contained in Notices 2020-17 and 2020-18. Key details are as follows: Tax payment deadlines postponed 90 days. All

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Attention Local Workers Whose Job Has Been Affected by the Coronavirus

If you are a worker who has been totally or partially separated from your job due to Coronavirus, please note that no claim for unemployment insurance may be filed or processed until an actual lay off from employment has occurred, or until there has been an actual reduction in hours.  When filing your claim for unemployment benefits, please be sure to check the reason for separation as Lack of Work/Lay off.  If you will be filing because of a reduction in hours, you will not receive benefits unless your gross earnings are less than your weekly benefit amount.  Currently,

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Emergency Paid Sick Leave Act (EPSLA)

Emergency FMLA The FMLA has been temporarily expanded for employers with fewer than 500 employees to allow eligible employees up to 10 weeks of paid FMLA leave with a 10-day “waiting period” if they are unable to work or telework as a result of caring for a child whose school is closed or whose childcare provider is unavailable due to COVID-19.  During the 10-day waiting period, the employee is permitted to receive accrued sick or other leave, including the paid sick leave provided under this legislation. The 10 weeks of leave will be paid at two-thirds the employee’s regular

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The Three Step Process: Disaster Loans

The Three-Step Process: Disaster Loans   The U. S. Small Business Administration (SBA) provides low-interest, long-term disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters to repair or replace uninsured/underinsured disaster-damaged property. SBA disaster loans offer an affordable way for individuals and businesses to recover from declared disasters. STEP 1: Apply for Loan  Online  In-person at a disaster center By mail. Apply online at the SBA’s secure websitedisasterloan.sba.gov/ela. As a business of any size, you may borrow up to$2 million for physical damage. As a small business, a small agricultural cooperative, a small business engaged

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U.S. Postpones April 15 Tax Payments for 90 Days for Most Americans

Coronavirus disruption prompts tax agency to extend the deadline, waive interest and penalties WASHINGTON—The U.S. government will postpone the April 15 tax-payment deadline for millions of individuals, giving Americans another 90 days to pay their 2019 income-tax bills in an unprecedented move. The IRS, using authority under President Trump’s national-emergency declaration, will waive interest and penalties as well, Treasury Secretary Steven Mnuchin said at the White House Tuesday. The delay is available to people who owe $1 million or less and corporations that owe $10 million or less, Mr. Mnuchin said. The government granted the extension to give taxpayers a

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NEW TAX DEADLINE IN THE WORKS

March 3-16-2020 -As America and the world continue to combat the Coronavirus, and most major sporting, business and social events have been postponed or canceled, the IRS and Treasury still have not updated tax professionals and taxpayers about a possible change to the annual income tax filing deadline, which is traditionally April 15. The IRS is widely expected to announce an extended date for the deadline on Monday.   Two U.S. Congressmen, Josh Gottheimer (D-N.J.) and Paul Mitchell (R-Mich.) have joined the call for changing the nation’s income tax reporting deadline. The two sent a letter to the IRS Commissioner asking the agency to extend the normal

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