March 5, 2021

March Newsletter

Here are your Articles for March 5, 2021.

Get ready for tax season using IRS Online Account
The Internal Revenue Service today reminded taxpayers they can securely access their IRS account information through their individual online account.

The IRS regularly adds features to online account. For example, people can now check the amounts of their Economic Impact Payments (EIPs) to help them accurately calculate any Recovery Rebate Credit they may be eligible for on their 2020 tax return. The EIP amounts can be found on the Tax Records tab. Amounts will show as “Economic Impact Payment” for the first payment and “Additional Economic Impact Payment” for the second payment. For married filing joint individuals, each spouse will need to sign into their own account to retrieve their portion of the payments. For more information regarding the credit, see Recovery Rebate Credit. Additionally, taxpayers can view:

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IRS offers guidance to taxpayers on identity theft involving unemployment benefits
The Internal Revenue Service today urged taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a corrected form.

States issue Forms 1099-G to the taxpayer and to the IRS to report what taxable income, such as refunds or unemployment benefits, were issued by state agencies.

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IRS updates FAQs on paid sick leave credit and family leave credit
The Internal Revenue Service today posted updated FAQs about recent legislation that extended and amended tax relief to certain small- and mid-sized employers under the Families First Coronavirus Response Act (FFCRA). The FAQs are available at COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs.

The updates to the FAQs cover how the COVID-related Tax Relief Act of 2020, enacted December 27, 2020, extends the availability of the tax credits created by the FFCRA to eligible employers for paid sick and family leave provided through March 31, 2021, as well as other amendments to the credits.

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Get a Tax Break on a New Electric Vehicle
Electric plug-in vehicles are growing in popularity, especially in urban areas and for younger drivers. As a bonus, certain vehicles may qualify for a federal income tax credit of up to $7,500 in the tax year they’re purchased. Here are the details, including a list of new electric vehicles that may qualify for the credit for 2021.

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Keeping the Business in the Family
If you’re part of a family business, you’ve taken pride in watching the company grow — and having family members be part of it. But at some point, you may want to step down from the leadership position. If you want your siblings or children to take the helm, make sure they’re well equipped to rise to the challenge. Here are some considerations as you craft a succession plan.

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Communicating with Millennials about Benefits
Times change and so do your employees. As older workers retire and are replaced, or joined by members of the younger generation, adjustments will need to be made. True they have to follow your rules, but for the best results, you need to be flexible too and, to some degree, speak to them in the language they understand. Keep reading to learn more about communicating successfully with a younger workforce.

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Tax Implications of Repossessing a Former Principal Residence
People looking to sell their own homes have gotten more creative in recent years, in some cases using seller-financing as part of the deal. A seller-financed home sale may mean repossession at some point — and that’s when the tax implications can get sticky. Here’s an extensive look at some scenarios that could lead to a positive tax outcome as well as situations that could lead to tax headaches.

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