Are you still waiting for your Economic Impact Payment that 160 million Americans already received months ago? Did you get your payment but it was for the wrong amount? The IRS initially said you needed to wait until filing your 2020 tax return to resolve any issues with missing or incorrect Economic Impact Payments (EIP). […]
If someone manipulates cash transactions to avoid required bank reporting to the Treasury Department, they are using the technique of structuring their transactions. Knowing what is reported and the power given to the IRS to seize related assets can be important. Background In an effort to identify questionable illegal transactions, financial institutions are required to […]
Financial institutions are raising red flags about suspected fraud surrounding the Small Business Administration’s COVID-19 Economic Injury Disaster Loan (EIDL) program, according to the SBA’s Office of Inspector General. Nearly 440 financial institutions ranging from small, local credit unions to major national institutions are alerting the SBA about suspected fraudulent EIDL loan applications. The IG’s […]
In a recent key-note address to over 1,000 tax professionals in Chicago, John Koskinen, the Commissioner of the IRS, asked the audience to raise their hands if they had personally been contacted by someone pretending to be from the IRS. He re-iterated that he was not talking about clients, but those sitting in the audience. […]
The Small Business Administration (SBA) will tentatively begin accepting forgiveness applications for Paycheck Protection Program (PPP) loans starting August 10. The date is tentative because as of this article’s publication date, Congress was considering legislation that could make various changes to the current PPP loan program. Here is what you need to do to apply […]
If you recently got married, plan to get married, or know someone who is taking the matrimonial plunge, here are some important tax tips every new bride and groom should know. Tip 1 Notify the Social Security Administration (SSA) with any name change(s). The IRS has a name match program with the SSA and will potentially […]
Millions of Americans already received their economic impact payment. But what if you’re still waiting or you got a check, an electronic payment or a debit card with an incorrect amount? Here are some common scenarios why you may not have received your payment and what you can do. Your payment was sent to a […]
You’re in the market for a house. Let’s assume you find a great place that’s selling for $240,000 and meets all your criteria — safe neighborhood, good schools, big enough to accommodate your growing family, and close to your workplace. With a 20 percent down payment ($48,000) and estimated closing costs of $3,000, you’ll need […]
More than 40 million Americans filing unemployment claims since March has given identity thieves a new avenue for taking your money – filing fraudulent unemployment compensation claims. The identity thief poses as an unemployed worker filing for benefits by creating an online account with a state’s unemployment compensation insurance office. The thief uses the stolen […]
Let’s be honest. This is a strange summer. With many recreation activities canceled or significantly altered because of this year’s pandemic and social distancing guidelines, families need to be creative to keep their kids energized and engaged. Never fear! Here’s a list of activities to create a memorable summer for your kids: Organize a family […]
