September 4, 2020

September 2020 Newsletter

Here are your Articles for September 4, 2020.

13.9 million Americans to receive IRS tax refund interest; Taxable payments to average $18
WASHINGTON – This week the Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving refunds.

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IRS takes new steps to ensure people with children receive $500 Economic Impact Payments
WASHINGTON – The Internal Revenue Service continues to look for ways to help people who were unable to provide their information in time to receive Economic Impact Payments for their children. As part of that effort, the Internal Revenue Service announced today it will reopen the registration period for federal beneficiaries who didn’t receive $500 per child payments earlier this year.

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IRS urged to stop sending notices for unpaid taxes until it catches up on mail backlog
By Michael Cohn

Rep. Richard Neal, D-Massachusetts, who chairs the tax-writing House Ways and Means Committee, is asking the Internal Revenue Service to quit mailing notices for unpaid taxes to taxpayers who may have been affected by the mail backlog at the agency due to the COVID-19 pandemic.

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News on IRS Operations During Covid-19
It was a lousy tax season for us. We went remote, with all of the accompanying slowdowns. We were expected to, and indeed did, handle our normal load of tax returns, then fielded questions on the economic stimulus payments. We helped with the Paycheck Protection Program and EIDL loan applications. And in the middle of it all, we had to take a class on CARES to make sure that we didn’t miss anything new. We mostly got everything done on time (albeit July 15th).

The IRS had many of the same problems that we did. But they didn’t get everything done. Operations are still sickly (from the virus) and weak (from years of budget cuts). Here is the latest IRS news on operations.

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California Retirement Deadlines Approaching
CalSavers Registration Deadline September 30th.

During these uncertain times, ensuring your retirement future can feel daunting. That is why some states, like California, have mobilized to create a retirement ready nation by launching new auto-enroll state mandated IRA programs.

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IRS urges employers to choose carefully when selecting a payroll service provider
Using a reputable firm or group can protect employers from fraud; options include PSPs, RAs and CPEOs

WASHINGTON — The IRS reminded employers today to carefully choose their payroll service providers following continuing concerns that some disreputable organizations can fail to deposit employment taxes, leaving businesses vulnerable to unpaid bills.

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Managing Risk for Remote Workforces in a Post-COVID-19 World
For many employers, the “new normal” involves having at least some employees work from their homes, and that raises important risk management issues. The longer employees work from home, the greater the chance that costly work-related events can occur. Prudent employers can take steps to reduce certain hazards or at least have suitable insurance in place to mitigate the financial impact.

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Tax Consequences of Borrowing From a Retirement Plan
Under some circumstances, you can borrow from your retirement account, depending on the plan you have. But should you? Only if you’re aware of the tax consequences and the implications a loan can have on the future of your retirement funds. This article answers frequently asked questions about how much you can borrow, whether the interest is deductible and other issues to consider.

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A Decision Not Made Is Still a Decision
Whether through inertia or trepidation, investors who put off important investment decisions might consider the admonition offered by one motivational speaker: “Almost any decision is better than no decision at all.” Investment inaction is played out in many ways, often silently, invisibly and with potential consequence to an individual’s future financial security.

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Beware of Deductions Claimed for Certain Business Expenses
Corporations that make payments to shareholders beware: The IRS may challenge deductions claimed for certain business expenses and other related-party transactions. An inquiry could lead to reclassification of certain payments as constructive dividends, which could have unfavorable tax consequences. Here are the details of one U.S. Tax Court case that highlights this issue.

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