Tax Due Date Extended !

Tax Due Date Extended !

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be...
“Above-the-line” charitable deduction

“Above-the-line” charitable deduction

One new provision of the CARES Act passed this past April allows taxpayers to claim a deduction for up to $300 for charitable donations, even if they are taking the standard deduction. However, the requirement for contemporaneous acknowledgement from the donee...
Potential for another delayed busy season

Potential for another delayed busy season

One consequence of the late passing to the new act is the potential for the delaying of the opening of tax filing season. Normally the IRS begins to accept electronically filed tax returns around January 27. However, with the changes in the new act, it is possible...