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Submitted by Richard Allen, EA, AFSP The IRS just issued IR-2020-183 (see attached) on August 18, 2020. The IRS announced that they are sending interest payments of 2019 1040 return Continue reading “Millions to Receive Interest on 1040 Refunds”…
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Will County CARES Act Small Business Grant Program
Submitted by Richard Allen, EA, AFSP One of our members received this information about the Will County Small Business Assistance Grant Program. The application process is not too complicated but Continue reading “Will County CARES Act Small Business Grant Program”…
Update on IRS and IDOR Processing Problems
Submitted by Richard Allen We have been receiving information about IRS and IL Department of Revenue processing problems caused by COVID-19 processing delays. IRS Processing Problems. We previously reported about Continue reading “Update on IRS and IDOR Processing Problems”…
Draft Form 1040 for 2020 Returns Released by IRS
Submitted by Joel Shabsin, CPA On August 21st the IRS released a draft version of the 1040 for the upcoming tax season. Although most of the form is similar to Continue reading “Draft Form 1040 for 2020 Returns Released by IRS”…
Payroll Tax Withholding
Submitted by Joel Shabsin, CPA On August 8, 2020, President Trump issued a memorandum directing the Secretary of the Treasury to use his authority to defer certain payroll tax obligations Continue reading “Payroll Tax Withholding”…
Changes are Coming to IDES Benefit Charge Statements
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”…
Protecting Your Email – Technology Series
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”…
Estate Tax Exemption Portability
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”…
Required Distributions in 2020
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”…
Presidential Executive Orders of August 8, 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”…
