Editorial team of TFX
Articles
How the IRS Contacts You if There Is an Error on Your Tax Return
IRS will send a series of letters starting with CP14 If the IRS determines, rightly or wrongly, that your tax return has an error, it will send you a series of letters describing the problem and letting you know what to do. Only the first of these, called a ...
COVID-19: Self-Employment Tax Deferral — Red Herring
As a part of the CARES Act the IRS provided interest-free deferral of the part of Self-Employment tax. See FAQ21 of IRS: Deferra...
Maryland RELIEF Act: Immediate Stimulus Payments
Maryland Gov. Larry Hogan signed the bipartisan RELIEF Act of 2021 on Monday, February 15, to provide a $1 billion package of emergency coronavirus relief to families and small businesses. Most of the stimulus payments should have been processed by February 19. Maryland residents who filed a 2019 tax return and received the Earned Incom...
California Governor Newsom Signs $7.6B Package with $600 Stimulus Payments
California Gov. Gavin Newsom signed a $7.6 billion relief package. 5.7 million people will receive $600 one-time payments. Small businesses can also qualify for the payments - there are over $2 billion in grants for this purpose. Who is eligible to receive the $600 one-time payment? About 5.7 million people will recei...
Form 3911 & Stimulus Checks: Why This Form Matters to Taxpayers & Clarification of IRS Recommendations
From the IRS Economic Impact Payment Information Center FAQ: What is Form 3911? ...
Teachers Can Deduct COVID-19 Protective Items on Their Tax Returns
Last week, the IRS announced that from now on, all eligible educators can deduct out-of-pocket COVID-19 protective items that they use in a classroom in order to prevent the spread of the virus. What are the protective items that teachers a...