Posts

unemployment benefits

Your Unemployment Benefits Will be Taxed

The economic impact of the COVID-19 has been enormous.  Some estimates suggest over 30 million Americans have filed for unemployment benefits as a result of this economic impact. Normally when applying for unemployment, you would be eligible…
stimulus check

Stimulus Check- Taxable or Advance on My Tax Refund?

The short answer: No. The stimulus check payment or economic impact payment, as the IRS calls it — is technically a refundable tax credit for 2020. As explained by the IRS: “No, the payment is not income and taxpayers will not owe tax…
C corporations

IRS Warns: Avoid Improper Claims for Business Credits

Reprinted from IRS Newswire Issue # IR-2019-42 WASHINGTON — The Internal Revenue Service today (3/14/19) warned taxpayers to avoid improperly claiming various business tax credits, a common scam used by unscrupulous tax preparers. Two…