Editorial team of TFX
Articles
Coronavirus Causes Sales Tax Updates for 2020
The COVID-19 coronavirus disease caused so many changes in literally everyone’s life and every sphere of our lives, too. Sales taxes are no exception. Let’s see what happened in 2020 to U.S. states’ sales taxes due to coronavirus. Alabama sales tax Alabama provided payment extension and waived penalt...
How to Prepare for 2020 Tax Season
2020 is going to be over really soon, so the IRS advises taxpayers to get prepared for filing season 2021. If you are not sure what steps to take to make the tax filing stress-free, see the page that the IRS created. There’s a s...
Quick Reminder: The CARES Act Added a New $300 Charitable Contribution Deduction for 2020
Earlier this year the Coronavirus Aid, Relief and Economic Security (CARES) Act added a special $300 deduction for cash donations made before December 31, 2020. Cash donations include those made by check, credit card, or debit card. They don't include securities, hous...
IRS offers new options for those struggling to pay their tax bills because of COVID-19
The Internal Revenue Service helps struggling taxpayers impacted by COVID-19 more easily settle their tax debts. "The IRS understands that many taxpayers face challenges, and we're working hard to help people facing issues paying their tax bills," said IRS Commissioner Chuck Rettig. ...
IRS adds QR codes to key balance due notices to help taxpayers
Starting in October, the IRS will be adding barcodes to CP14 and CP14 IA notices. These notices inform millions of taxpayers that they owe money on unpaid taxes and their payment options. The innovation aims at helping taxpayers with some inconveniences: ...
Additional time to file FBAR--- [FinCEN issues clarification]
Update: Note --- FinCEN has not yet published a news headline about this. The statement is currently not on their website but FinCEN is likely prepping a news release, which was not present this morning) Update 2: FinCEN backtracks and issues statement (below) Upda...