JK Lasser Posts >> Tax NewsYour Economic Impact PaymentFinal Regulations on Offers in CompromiseHDHPs Can Cover COVID-19 ExpensesMailbox Rule Is DeadForced Sale of Jointly-Owned Property Allowed for One Owner’s DebtIRS Interest Rates for Q2 2020T…
After some short deliberation in Congress, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on March 27. At TaxAct, we have spent countless hours reading the law, viewing informative webinars, digging through analysis,…
The IRS recently confirmed VA benefit recipients will automatically receive their stimulus payments. That means if you’re a veteran and or a veteran’s beneficiary who receives Compensation and Pension benefit payments from VA, you will receive a $1,200…
A person’s failure “to pay any tax” after the government’s demand for payment creates “a lien in favor of the United States upon all property and rights to property, whether real or personal, belonging to such person.” But what happens if the property…
Tax returns, Tax Court petitions, and other time-sensitive documents are treated as having been timely filed with the government if they are mailed on time (“timely mailed timely filed rule”). Under the common-law mailbox rule, some courts have treate…
Having coverage through high deductible health plan (HDHP) is a prerequisite for contributing to a health savings account (HSA). Typically, HDHPs require you to exhaust the policy’s deductible before insurance coverage kicks in. However, as part of th…
An offer in compromise (OIC) is an agreement that a taxpayer can reach with the IRS to settle an outstanding tax debt at less than the full amount under special circumstances. The taxpayer must show that continuing to pay off all that’s owed could be …
If you received your Economic Impact Payment, keep in mind that it’s tax free. You do not have to use the money for any particular purpose.
If you haven’t received your payment, the IRS has a portal called “Get My Payment”. Here you can get the status…
The US President signed into law, the largest emergency relief in the history of the country, a $2.2 trillion coronavirus stimulus package. The package is meant to provide relief to people from different sectors who have taken a financial hit over the …
Congress and the IRS have been busy on changing tax rules to help individuals and businesses get through the economic disaster triggered by COVID-19. The changes impact 2019 returns, as well as returns for prior years and for 2020. To help readers und…
