Drake Software blog for tax pros, covering tax, IRS news, and more
Americans who don’t normally file a tax return now have more time to apply for an Economic Impact Payment (EIP). The Internal Revenue Service this week announced that the deadline for non-filers to send EIP-qualifying information has been extended to November 21, 2020.…
IRA owners, beneficiaries and workplace retirement plan participants who got a Required Minimum Distribution (RMD) this year have until Aug. 31 to rollover or repay the distribution in order to avoid being taxed on the payments.…
Read more about Aug. 31 is the Deadline to Return Distributions to Retirement Accounts
Taxpayers can dip into Coronavirus Aid, Relief, and Economic Security Act-specified retirement accounts without suffering a penalty, according to an Internal Revenue Service press release published yesterday. This reminder comes just days after the $600 unemployment benefits included in that legislation expired.…
Read more about CARES Act Allows Penalty-Free Withdrawals from Some Retirement Plans
The Tax Cuts and Jobs Act (TCJA) of 2017 famously adjusted the income tax brackets and lowered the corporate tax rate to 21 percent, but the sweeping legislation contained a host of tax-related changes.…
The Internal Revenue Service says seniors and retirees aren’t required to take money out of their IRAs and workplace retirement plans this year.…
Read more about Required Minimum Distributions on Hold for 2020
The Small Business Administration says the PPP loan-forgiveness application is now available on SBA.gov.…
Read more about Now Available: Paycheck Protection Program Loan-Forgiveness Application
The Internal Revenue Service reminded low-income Americans who don’t normally file a tax return that they are probably eligible to receive an Economic Impact Payment.…
Read more about IRS Urges Low-Income Non-Filers to Use EIP Reporting Tool
The CARES Act removes an ACA limitation on using FSA, HSA, and HRA funds to pay for over-the-counter medication.…
Read more about Can I Buy OTC Medication with FSA, HSA, and HRA Funds?
Social Security Administration (SSA) and Railroad Retirement Board (RRB) beneficiaries with dependents need to report that information to the IRS before April 22 at noon to receive $500 for each qualifying child at the same time as their $1,200 EIP.…
Read more about EIP Alert: April 22 Deadline for SSA and RRB Beneficiaries with Dependents
Distribution of the federal government’s economic impact payments, meant to counter the economic effects of the coronavirus pandemic in the U.S., is scheduled to start in the coming weeks, according…
