Translations from Your Trusted Advisor.
Did you receive an unexpected refund from the IRS? Last week the IRS began issuing interest payments to individual taxpayers who received an overpayment on their taxes after April 15th. The IRS typically only issues interest payments on timely-filed refund claims issued more than 45 days after April 15th. Additional interest is being paid on 2019 overpayments as part of Coronavirus tax relief.
The IRS recently released draft forms for 2020 taxes, to be filed in 2021. The 1040 will look similar to the 2019 Form 1040, with a few modifications. The most significant changes on page 1 are:
Mallory Vincent, MBA •
With more time at home during the COVID 19 pandemic, now may be the time to start that degree you have always wanted to earn. Not only will you have fewer distractions due to your practically non-existent social life, but you could also get a tax credit or income adjustment on your 2020 tax return. Education credits are amounts that will reduce the amount of tax due of your tax return. They are based on qualified education expenses that you paid during the year including tuition and certain related expenses.
Recent presidential action seeks to extend key relief measures put in place as a result of the COVID-19 pandemic, but likely faces legal challenges.
On Saturday, August 8th, 2020, President Trump issued four executive orders regarding his administration’s response to the ongoing COVID-19 pandemic relating to: 1) unemployment, 2) evictions, 3) student loans, and 4) payroll taxes.