Still Waiting for the IRS to Cash Your Check?

Article Highlights: IRS’s Unopened Mail Backlog Uncashed Checks Dishonored Payment Penalty IRS Relief for Taxpayers During the COVID-19 pandemic, the IRS has furloughed many of its employees. Other IRS employees are required to work from home to mitigate the spread of the virus. Many IRS offices remained closed for months, and a backlog of millions […]

Are You Ready for Form 1099-NEC?

Article Highlights: 1099-NEC Has Been Resurrected Non-Employee Compensation Combating Fraudulent Filings Due Dates Form W-9 Penalties 1099 Worksheet The Internal Revenue Service has resurrected a form that has not been used since the early 1980s, Form 1099-NEC. NEC stands for non-employee compensation. This form will be used to report non-employee compensation in place of the […]

Foreign Account Reporting Due October 15

Article Summary: Foreign-Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Types of Accounts Affected Form 8938 Filing Requirements United States entities with financial interests in, or authority over, one or more foreign financial accounts (e.g., bank accounts and securities), need to report these relationships to the U.S. Treasury if the aggregate […]

October’s Extended Tax Deadline: Due Date Is Fast Approaching

Article Highlights: October 15 extended due date for filing federal individual tax returns for 2019. Late-filing penalty. Interest on tax due. Other October 15 deadlines. Because of the COVID-19 pandemic, the IRS postponed the original due date for filing 2019 returns to July 15, 2020. If you could not complete your 2019 tax return by […]