Queens, NYC

141-07 20th Ave, #101
Whitestone, NY 11357
Tel: (718) 767-0737

Manhattan, NYC

18 East 48th Street, #1001
New York, NY 10017
Tel: (646)-367-3726

Sarasota, FL

2831 Ringling Boulevard, #204B
Sarasota, FL 34237
Tel: (941) 366-5646

Washington, DC

700 Pennsylvania Ave, SE, Ste 2050
Washington, DC 20003
Tel: (202) 547-9004

 

IRS Updates

IRS: Unemployment compensation is taxable; Have tax withheld now and avoid a tax-time surprise

WASHINGTON – With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal income tax return next year. By law, unemployment compensation is taxable and must be reported on a 2020 federal income tax return. Taxable benefits include any of the special unemployment compensation authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted this spring. For more information please visit: https://www.irs.gov/ Withholding is...

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IRS Extends More Tax Deadlines to Cover Individuals, Trusts, Estates, Corporations and Other Entities

To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-66 extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty or interest will be due. Today’s notice expands this relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals,...

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