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There will be many instances this year of taxpayers receiving a Form 1099-G for Unemployment Benefits fraudulently paid by the state to a claimant pretending to be the taxpayer. How Continue reading “Dealing with Illinois Unemployment Fraud”…
Category: Members News
Update on IRS Issues for this Tax Season
Submitted by Richard Allen, EA, AFSP This information comes from the information within the American Rescue Plan Act of 2021 which is still being finalized in Congress before being passed Continue reading “Update on IRS Issues for this Tax Season”…
Student Loan Interest Deduction
Submitted by Richard Allen ISSUE: Form 1098-E shows the Borrower, the Borrower’s social security number, and the current year’s Student loan interest amount. However, it does not show who has Continue reading “Student Loan Interest Deduction”…
First Mondays – Networking at Noon – Join us from Noon – 1:00 pm (CST) to network with other practitioners, discuss current topics & what’s going on with your practice. Check your email for the zoom link. This a new, FREE member benefit!
Members – Attend our First Mondays – Networking at Noon Come discuss current topics, what’s going on with your practice and network with other practitioners. Check your email for the Continue reading “First Mondays – Networking at Noon – Join us from Noon – 1:00 pm (CST) to network with other practitioners, discuss current topics & what’s going on with your practice. Check your email for the zoom link. This a new, FREE member benefit!”…
IRS Recovery Rebate Credit for Economic Impact Payments
Submitted by Richard Allen, EA There is a lot of misunderstanding about the COVID-19 “Stimulus” payments (also called Economic Impact Payments or “EIP” payments). EIP 1 and EIP 2 payments Continue reading “IRS Recovery Rebate Credit for Economic Impact Payments”…
Dealing with Illinois Unemployment Fraud
There will be many instances this year of taxpayers receiving a Form 1099-G for Unemployment Benefits fraudulently paid by the state to a claimant pretending to be the taxpayer. How Continue reading “Dealing with Illinois Unemployment Fraud”…
Millions to Receive Interest on 1040 Refunds
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”…
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”…
