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Didn’t Get Your Economic Impact Payment? You Can Claim It on Your 2020 Return: CNA Financial Services

12/17/2020

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Article Highlights:
​
  • Economic Impact Payments
  • High-Income Taxpayer Phaseout
  • Using the 2018 and 2019 Returns
  • Who Qualified for a Rebate?
  • Deceased Individuals
  • Tax Return Non-filers
  • Reconciliation on the 2020 Return
 
One of the more tax-troubling issues this year has been the distribution of what Congress referred to as the recovery rebates. You may know these payments as the Economic Impact Payments (EIPs) or stimulus payments, names that the IRS took the liberty of creating. These payments were meant to provide financial assistance to individuals and families struggling during the initial outbreak of the COVID-19 pandemic.
 
Congress authorized the payment amounts in late March 2020, in the CARES Act, to be $1,200 for each filer ($2,400 if married and filing a joint return) and $500 per dependent child under age 17. Congress mandated that the IRS get these payments out as quickly as possible. However, the payments were phased out for higher-income taxpayers at a rate of 5% of the taxpayer’s adjusted gross income (AGI) in excess of a threshold, also based upon the taxpayer’s AGI. 

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December 2020 Business Due Dates

12/10/2020

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December 1 - Employers

During December, ask employees whose withholding allowances will be different in 2021 to fill out a new Form W4 or Form W4(SP).

December 15 - Social Security, Medicare and Withheld Income Tax 

If the monthly deposit rule applies, deposit the tax for payments in November.

December 15 - Nonpayroll Withholding 

If the monthly deposit rule applies, deposit the tax for payments in November.

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December 2020 Individual Due Dates - CNA Financial Services

12/10/2020

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December 1 - Time for Year-End Tax Planning 

December is the month to take final actions that can affect your tax result for 2020. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2020 should call for a tax planning consultation appointment.

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​Don’t Miss the Opportunity for a Spousal IRA - CNA Financial Services

12/9/2020

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By: C&N Financial Services
 
Article Highlights:
  • Spousal IRA
  • Compensation Requirements
  • Maximum Contribution
  • Traditional or Roth IRA?
One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income from self-employment). Spousal IRAs are the exception to that rule and allow a non-working or low-earning spouse to contribute to his or her own IRA, otherwise known as a spousal IRA, as long as the spouse has adequate compensation. 

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Is That Inheritance Taxable? - CNA Financial Services

12/8/2020

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Article Highlights:

  • Estate Tax
  • Estate Tax Exemption
  • Fair Market Value at Date of Death
  • Step up in Basis
  • Community Property
  • Deferred Untaxed Income
Are inheritances taxable? This is a frequently misunderstood taxation issue, and the answer can be complicated. When someone passes away, all of their assets (their estate) will be subject to estate taxation, and whatever is left after paying the estate tax passes to the decedent’s beneficiaries. 

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5 Resolutions QuickBooks Online Users Should Make for 2021 - CNA Financial Services

12/7/2020

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BY: C&A Financial Services
​
New year, new challenges, and the potential for new successes. Here are five ways you can improve your financial management in 2021.

 
A painful year is drawing to a close. We’ll still be dealing with COVID-19 and a struggling economy in early 2021, but there’s hope on the horizon. There’s a lot you can’t control about the difficulties facing our country, but you can take control of your corner of it, especially in terms of how you manage your finances.
 
If you’re already using QuickBooks Online, you know how it’s solved the paperwork confusion of the past. But are you taking advantage of all of its capabilities? As you turn your digital calendar to January, consider expanding your use of the website to set yourself up for success in the new year. Here are five features to explore if you haven’t already.
 
Practice Proactive Reconciliation:
 
QuickBooks Online’s Banking screen display registers for the bank and credit card transactions that have been posted by your banks. Do you review these frequently? It’s easy, and it’s important. It will save time when you do your monthly reconciliations with your bank statements. Hover over Transactions in the toolbar and select Banking. You can see some of your transaction management options in the image below.

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Renting Your Home or Vacation Home for Short Periods - CNA Financial Services

12/6/2020

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By: CNA Financial Services 
Article Highlights:
  • Airbnb, VRBO, and HomeAway
  • Rented for Fewer than 15 Days During the Year
  • The 7-day and 30-day Rules
  • Exceptions to the 30-Day Rule
  • Schedule C Reporting
Many taxpayers rent out their first or second homes without considering tax consequences. Some of these rules can be beneficial, while others can be very detrimental. If you rent your home to others, then you should be aware of some special tax rules that probably apply to you.

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SBA PPP Audits For Borrowers with Loans Over $2 Million - CNA Financial Services

12/5/2020

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By: C&A Financial Services 
Article Highlights:

  • PPP Loans
  • Affected Borrowers
  • Loan Application Certifications
  • SBA Compliance Questionnaires

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What Happens if I Receive an IRS CP2000 Notice? - CNA Financial Services

12/4/2020

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By: C&A Financial Services
There are few things that can send a chill down your spine more than mail from the IRS. Just seeing the agency’s name on an envelope’s return address creates anxiety. If you find yourself in that position and open the mail to find a CP2000 notice inside, you don’t need to panic — but you do need to know what to do.
What Is a CP2000 Notice?
 
The Internal Revenue Service sends out CP2000 notices to taxpayers whose submitted tax returns do not reflect what’s been submitted by employers and others that provide the agency with information on the income you’ve received over the course of the tax year. Though these forms are not notifications that you’re subject to an audit, they do carry the full weight of an IRS inquiry, and as such you are required to respond fully and promptly by the indicated deadline.

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Employee Holiday Gifts May Be Taxable - CNA Financial Services

12/3/2020

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Employee Holiday Gifts May Be Taxable:
Article Highlights:
  • De Minimis Fringe Benefits
  • Cash Gifts
  • Gift Certificates
  • Group Meals
  • FICA and Wage Withholding
It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a fair market value so low that it is impractical and unreasonable to account for it, the gift’s value would be treated as a de minimis fringe benefit. As such, it would be tax-free to the employee, and its cost would be tax deductible by the employer.

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