IRS Unclaimed Refunds of $1.5 Billion Waiting for Tax Year 2016; Taxpayers Face July 15 Deadline

1) The SBA has released a new form ( 3508S ) for borrowers seeking forgiveness if the amount of the loan was less than $50,000. 2) Loan forgiveness is not automatic. 3) Borrowers who use this form are not subject to forgiveness reduction because there were reductions in the pay of an employee. 4) Borrowers who use this form are not subject to forgiveness reductionif there was a reduction in FTE (full time equivalents). This basically means if the number of employees decreased during the covered period the amount of forgiveness does not decrease just because of it. 5) The borrower does not have to show the calculations used to determine their loan forgiveness amount. 6) The borrower is still responsible to calculate the loan forgiveness amount and to be prepared to provide this information if requested. 7) The new form may be simpler but it is still complicated and it is advisable to consult a professional for its preparation.

"We took this step to provide more time for those who have not yet received a payment to register to get their money, including those in low-income and underserved communities," said IRS Commissioner Chuck Rettig. "The IRS is deeply involved in processing and programming that overlaps filing seasons. Any further extension beyond November would adversely impact our work on the 2020 and 2021 filing seasons. The Non-Filers portal has been available since the spring and has been used successfully by many millions of Americans."

Even though time before the extension deadline is dwindling, there’s still time for taxpayers to file a complete and accurate return. Taxpayers should remember they don’t have to wait until October 15 to file. They can file whenever they are ready.

First Consulting professional advice is an important step . Your business structure affects how much you pay in taxes , your ability to raise money, the paperwork you need to file, and your personal liability. You'll need to choose a business structure before you register your business with the state. Most businesses will also need to get a tax ID number and file for the appropriate licenses and permits . Choose carefully. While you may convert to a different business structure in the future, there may be restrictions based on your location. This could also result in tax consequences and unintended dissolution, among other complications. Here are the Main Business Structures

By law, these benefits are taxable and must be reported on a federal income tax return for the tax year it was received. Taxable benefits include any of the special unemployment compensation authorized under the Coronavirus Aid, Relief, and Economic Security Act.

Federal benefit recipients can use the Non-Filers: Enter Payment Info Here tool to get a catch-up payment for a qualifying child if they have NOT done one of the following: already used the Non-Filers tool to provide information about their qualifying child filed their 2019 or 2018 tax return

A business operates to make a profit. People engage in a hobby for sport or recreation, not to make a profit.

Create a Backup Set of Records Electronically Taxpayers should keep a set of backup records in a safe place. The backup should be stored away from the original set. Keeping a backup set of records –– including,

Here are some things to help taxpayers understand the home office deduction and whether they can claim it: