Month: August 2020

Submitted by Richard Allen, EA, AFSP Electronic Notification Only Through mytax.illinois.gov The volume of unemployment claims resulting from the COVJD-19 pandemic has made employer notification of benefit charges through the Continue reading “Changes are Coming to IDES Benefit Charge Statements”…

Submitted by Richard Allen, EA, AFSP I personally spend almost an hour each day reviewing incoming email. Generally, email tends to be received from the following sources: Emails from clients. Continue reading “Protecting Your Email – Technology Series”…

Submitted by Joel Shabsin, CPA So far about 150,000 people in the U.S. have died from the Corona-19 virus. Some of them may be our clients and as accountants, tax Continue reading “Estate Tax Exemption Portability”…

The IRS recently reminded practitioners and taxpayers about the August 31, 2020 time limit for returning required minimum distributions (RMDs) back to the original retirement plans. There were many temporary Continue reading “Required Distributions in 2020”…

IAAI Comments are in italics: As of July 31, 2020, several laws and/or regulations to fight the effects of the Covid-19 pandemic ended. In the middle of a national election Continue reading “Presidential Executive Orders of August 8, 2020”…

Submitted by Joel Shabsin, CPA On August 4, 2020 the SBA and Treasury released a 10 page document answering numerous frequently asked questions regarding loan forgiveness for the PPP. Because Continue reading “More on PPP Loan Forgiveness”…

Submitted by Richard Allen, EA, AFSP Adding Value to Your Tax and Accounting Services Private mortgage insurance (PMI) provides a lender 10 percent of the cost of the loan should Continue reading “Take a Look at PMI in Itemized Deductions”…

Submitted by Richard Allen, EA, AFSP On July 24 2020, the IRS held a virtual meeting with about 40 tax practitioners in the Midwest. IAAI representatives were Heather Johnson EA, Continue reading “News From Recent IRS Practitioner Meeting”…

Submitted by Joel Shabsin, CPA To help the government combat money laundering, tax evasion, drug dealing, terrorist financing and other criminal activities, the IRS requires any person in a trade Continue reading “Reporting Cash Transactions”…