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Coronavirus-related paid leave for workers and tax credits for small and midsize businesses

Small and midsize employers can soon begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This COVID-19 relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act, signed March 18, 2020. To take immediate advantage …

New Identity Theft Central now available at IRS.gov

The IRS has launched Identity Theft Central, designed to improve online access to information on identity theft and data security protection for businesses, individual taxpayers and tax pros. Identity Theft Central is available 24/7 at IRS.gov/identitytheft and includes: How businesses can recognize the signs of identity theft. The Taxpayer Guide to Identity Theft, including what to do when a victim of identity theft. …

IRS and Treasury issue guidance for students with discharged student loan

Share this with your employees and partners: news release about a revenue procedure on discharged student loans issued by the IRS and the Department of the Treasury. The revenue procedure extends relief to additional taxpayers and creditors who would otherwise be required to report gross income or furnish information returns regarding the discharge of federal or private student loans for financing attendance …

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SECURE Act: A big change to retirement rules

At the end of 2019, Congress passed the most sweeping change to retirement rules in over a decade. Known as the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), this legislation went into effect on January 1, 2020, and impacts retirement and estate planning rules. Here are a few of the biggest takeaways from the Act: RMDs Now …

Extra deductions for 2019 taxes

if you’re 65 or over, you are entitled to an additional $1,300. For an individual, that would raise the standard deduction to $13,500 for the tax year 2019, the first year that you can use the form. For a married couple, if one is 65 or over, the deduction would rise to $25,700 2019 standard deduction amounts Filing status 2019 …

Tax situations when taking care of family

In support of October’s National Work and Family Month. the IRS is providing tax information on a number of topics related to work-life balance. Families often hire individuals to care for children and dependents so family members can work or actively look for work. These individuals include babysitters, caretakers, health aides, nannies, private nurses and au pairs. As employers, family …