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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…

The CARES Act Impact on Small Businesses

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,…

Mailbox Rule Is Dead

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…

HDHPs Can Cover COVID-19 Expenses

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…

Final Regulations on Offers in Compromise

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 …

Your Economic Impact Payment

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…

What Coronavirus Stimulus Package Has In Store For You

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 …