#Quarterly Federal Excise Tax Due Date | Explore Tumblr Posts and Blogs

simpleform720 · 10 months

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tax2290 · 3 years

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Federal #ExciseTax #Form720 & attachments are to report to the #IRS at end of every quarter listing the liabilities & pay the taxes collected. Efiling is fast & easy, do it in 3 simple steps @Taxexcise for faster processing of your tax return. Today August 2, 2021 is the deadline to report the 2nd Quarter Federal Excise Taxes. #tax720 #taxexcise #deadline

#Excise Tax #Federal Excise Tax #Quarterly Federal Excise Tax #Quarterly Federal Excise Tax Form 720 #Quarterly Federal Excise Tax Due Date #Quarterly Federal Excise Tax Online #Quarterly Federal Excise Tax efile #Quarterly Federal Excise Tax efiling #Quarterly Federal Excise Tax Online today

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thinktradeinc · 2 years

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Federal Excise Tax Form 720 Electronic Filing for 2nd Quarter is Due on August 1, 2022:

Are you responsible for collecting, any of the federal excise taxes listed on #Form720? then this is a last minute alert for you to work on your Form 720, Quarterly Federal #ExciseTax Reporting for 2nd Quarter of 2022. Aug 1 is the last date to report it, act fast and #eFile

#federal excise tax form 720 #quarterly federal excise tax form 720 #excise tax form 720 online #excise tax form 720 efiling #excise taxes online #PCORI Trust Fee eFile in Form 720 #PCORI Fee #PCORI #Quarterly Excise Taxes online

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124southmain · 3 years

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Additional Hurricane Ida relief from IRS on Cook & Co. News

New Post has been published on https://cookco.us/news/additional-hurricane-ida-relief-from-irs/

Additional Hurricane Ida relief from IRS

Sept. 15, Oct. 15 deadlines, other dates further extended to Jan. 3 for parts of Mississippi; Nov. 1 deadline still applies to the rest of the state.

Victims of Hurricane Ida in parts of Mississippi now have additional time–until Jan. 3, 2022–to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Following last week’s disaster declaration by the Federal Emergency Management Agency (FEMA), the IRS is offering this expanded relief to those parts of the state newly designated for either individual or public assistance. Previously, the IRS had provided special relief to the entire state of Mississippi, generally postponing various tax-filing and tax-payment deadlines until Nov. 1, 2021.

Currently, the expanded relief applies to Amite, Claiborne, Copiah, Covington, Franklin, Georgia, Hancock, Harrison, Jackson, Jefferson, Jefferson Davis, Lawrence, Lincoln, Pearl River, Pike, Simpson, Walthall, Wayne and Wilkinson counties. Any jurisdiction added to the Oct. 22 FEMA declaration will automatically receive the expanded IRS relief.

The deadline remains Nov. 1 for affected taxpayers in other parts of Mississippi. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

The new relief postpones various tax filing and payment deadlines that occurred starting on Aug. 28, 2021. As a result, affected individuals and businesses will have until Jan. 3, 2022, to file returns and pay any taxes that were originally due during this period. This means individuals who had a valid extension to file their 2020 return that ran out on Oct. 15, 2021, will now have until Jan. 3, 2022, to file. The IRS noted, however, that because tax payments related to these 2020 returns were due on May 17, 2021, those payments are not eligible for this relief.

The Jan. 3, 2022 deadline also applies to quarterly estimated income tax payments due on Sept. 15, 2021, and the quarterly payroll and excise tax returns normally due on Nov. 1, 2021. Businesses with an original or extended due date also have the additional time including, among others, calendar-year partnerships and S corporations whose 2020 extensions ran out on Sept. 15, 2021 and calendar-year corporations whose 2020 extensions ran out on Oct. 15, 2021. It also applies to calendar-year tax-exempt organizations whose 2020 extensions run out on Nov. 15, 2021.

In addition, penalties on payroll and excise tax deposits due on or after Aug. 28, 2021 and before Sept. 13, will be abated as long as the deposits were made by Sept. 13, 2021.

The IRS disaster relief page has details on other returns, payments and tax-related actions qualifying for the additional time.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Therefore, taxpayers do not need to contact the agency to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2021 return normally filed next year), or the return for the prior year (2020). Be sure to write the FEMA declaration number – EM-3569 associated with the earlier relief or EM-4626 for the new relief−on any return claiming a loss. See Publication 547 for details.

The tax relief is part of a coordinated federal response to the damage caused by Hurricane Ida and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.

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elizabethcariasa · 3 years

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IRS gives all Louisiana taxpayers Hurricane Ida tax relief

Damage in the Galliano, Louisiana, area from Hurricane Ida as seen by U.S. Coast Guard overflight on Aug. 30. (Photo courtesy U.S.C.G./VIRIN: 210830-G-G0108-1006M)

Hurricane Ida went from Tropical Depression 9 to a category 4 hurricane that slammed coastal Louisiana on Aug. 29 in just about three days.

The Internal Revenue Service has reacted just as quickly.

Today, the IRS announced that its offering tax relief to Ida victims. That includes pushing the Oct. 15 extended filing deadline (and other tax dates) to Jan. 3, 2022.

The tax relief applies to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance due to damages from Hurricane Ida. Right now, that's the entire state of Louisiana.

However, adds the IRS, taxpayers in Ida-impacted localities in neighboring states that FEMA ultimately designates as major disaster areas also will qualify for the same tax relief.

You can check out FEMA's Ida declaration and subsequent updates at its website. The IRS also maintains a running list of storm-struck localities eligible for tax relief at its special disaster relief page.

More time to file 2020 taxes: The immediate tax relief is postponement of various tax filing and payment deadlines that occurred starting on Aug. 26, when Ida formed.

Affected individuals and businesses now have until Jan. 3, 2022, to file returns and pay any taxes that were originally due during this period.

For individual taxpayers who had filed for an extension to complete their 2020 returns, this means that instead of getting their Form 1040s etc. to the IRS by Oct. 15, they have until the new January due date.

If, however, you didn't pay all the tax due with that return when you got your extension, you still need to get that money to the IRS as soon as you can. Since payment of any due 2020 tax was required by this year's May 17 filing deadline, even if you applied for an extension, those unpaid taxes are not eligible for Hurricane Ida tax relief. Penalty and interest charges on unpaid tax bills are still accruing.

Extended estimated tax payments: The Jan. 3, 2022, deadline also applies to the quarterly estimated income tax payment normally due on Sept. 15.

Filers who must make these tax payments on earnings that aren't subject to withholding now have until the early January due date to make this third 1040-ES payment.

Businesses also get more time: As for businesses, the IRS says quarterly payroll and excise tax returns normally due on Nov. 1 also are postponed. The delay also applies to tax-exempt organizations, operating on a calendar-year basis, that had a valid extension due to run out on Nov. 15.

Businesses with extensions also have the additional time including, among others, calendar-year corporations whose 2020 extensions run out on Oct. 15.

In addition, the IRS will abate penalties on payroll and excise tax deposits due on or after Aug. 26 and before Sept. 10 as long as the deposits are made by September 10, 2021.

Automatic deadline applied: Louisianans don't need to do anything to get the added tax filing time. The IRS automatically identifies taxpayers located in the covered disaster area — which right now is all of the Pelican State — and applies the disaster-related filing and payment relief.

However, if you reside or have a business outside Louisiana, but have records necessary to meet a tax deadline in the state, you also might qualify for more time to complete those tasks.

In these cases, call the IRS' toll-free disaster hotline at (866) 562-5227 to discuss your circumstances and request the same relief.

The tax relief also covers workers who are assisting with relief activities conducted by a recognized government or philanthropic organization.

Let IRS know about notices: Also, since many of the IRS operations are automated, it's possible that taxpayers in the Ida disaster area might get late-filing or late-payment penalty notices even though they've now been given more time to file and pay.

If that happens, call the telephone number on the notice to have the IRS abate the penalty.

Timing of disaster claims: Finally, the Ida disaster relief, as with all major disaster declarations, gives affected taxpayers the option to decide when to claim any uninsured losses as an itemized tax deduction.

You can claim the losses in the year they happened, meaning you'll do so when you file your 2021 return next year. Or you can claim them on your prior year return.

Of course, you'll have to run the tax numbers for both years to see which provides the better tax result.

One of the main reasons to claim losses on a prior-year return is that it generally means you get the tax relief in the form of a refund sooner. Having that tax money in hand now could help with repairs and other recovery efforts.

Affected Louisiana filers who got extensions to file their 2020 returns can make the claim on that year's 1040 Schedule A when they do file it, now by Jan. 3. Individuals who already submitted their 2020 returns, but want to claim Ida's losses on that return will have to file an amended tax return.

You'll also have to include a completed Form 4684, Casualties and Thefts. You can read more about this process in my recent post on considerations in making a major disaster tax claim.

Whether you're just filing your 2020 taxes or sending in a Form 1040-X this year, be sure to write the FEMA declaration number – DR-4611-LA – on the form. That will alert the IRS that it should expedite the processing of the return.

You also might find these items of interest:

Tracking down tax records to file a disaster claim

IRS and other government resources can help you deal with a natural disaster

Home basis, not market value, key amount in calculating disaster loss tax claim

Storm Warnings: Preparing for, recovering from & helping those affected by natural disasters

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flipfundingstuff · 3 years

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Bookkeeping Software Can Simplify Your Small Business Taxes

The extension of Tax Day 2021 to May 17 may be a big sigh of relief for many taxpayers, but it’s not likely to affect your small business’s 2021 tax preparation and payment obligations. There’s a big difference between what an individual taxpayer or employee has to file and the complex bookkeeping operations necessary for your small business to properly file and pay its taxes on time.

The COVID-19 pandemic compelled the government to create many new benefit programs for small businesses, most notably the Paycheck Protection Program (PPP) loans that could be forgiven. But some of last year’s relief measures could present tricky tax challenges when you prepare your taxes, and online bookkeeping can solve many of your tax preparation questions.

Tax time is all year long for your small business—you have to track revenue and costs for your taxes year-round. Let’s look at the types of taxes you need to pay, when you need to pay them, and how to get effective and affordable tax preparation help. Because this year, more than ever, you can’t afford to incur too large a burden or to miss any possible tax breaks.

What Types of Business Taxes Do I Need To Pay?

Every business pays income tax. But different types of taxes will constitute how your business calculates that income tax, depending on how your small business is structured. You may run a small business with employees, you may be self-employed, or you may operate a limited liability corporation (LLC) or some other form of corporation.

Your income taxes will be a combination of your business’s estimated taxes, employment taxes or self-employment taxes, and other types of taxes that could apply to your small business.

Most small business owners are required to pay their own personal estimated tax, not that of their business. Self-employed business people, sole proprietors, and 1099 workers also pay estimated taxes, as do corporations.

The IRS has a webpage describing what types of taxes small businesses pay. Here’s what you’re required to pay, depending on your business’s legal classification.

Self-Employed and Sole Proprietors:

Estimated Tax

Self-Employment Tax

Small Businesses with Employees:

Estimated Tax

Employment Tax

Excise Tax*

LLCs, Corporations, C-Corps, and S-Corps

Estimated Tax

Employment Tax

Excise Tax*

*Certain specific types of businesses have to pay excise tax on distinct types of goods and services like gasoline, coal, or wagering. The IRS has a list of what types of businesses owe excise taxes and which forms they need to complete.

We’ve got tax preparation resources for whatever type of small business you have. Check out our tax tips for sole proprietors and guide to lowering your self-employment taxes. We also have a tax guide for LLCs and corporations.

When Do Businesses Need to File or Pay Their Taxes

Many small businesses are required to pay some of these taxes quarterly—that is, on 4 tax deadlines spread out over the course of a calendar year. Other taxes are filed quarterly as well as being paid quarterly. The due date and filing deadlines on these taxes of taxes depend on the type of tax, and these dates are listed below.

Estimated Taxes – If you’re a sole proprietor, self-employed, or a small business with employees, you only file your income taxes once a year. But you have to pay estimated taxes 4 times a year. Here are your quarterly estimated tax due dates, and none of these are affected by the May 17 Tax Day delay:

April 15, 2021

June 15, 2021

September 15, 2021

January 15, 2022

If your business is a corporation, these due dates depend on when you begin and end your fiscal year. Your quarterly estimated taxes will be due on the 15th of the month on the 4th, 6th, 9th, and 12th month after your corporation’s fiscal year ends.

Employment Taxes: If your business has employees, you must file and pay employment taxes on a quarterly basis. These are your quarterly employment tax deadlines for 2021.

April 30, 2021

July 31, 2021

October 31, 2021

January 31, 2022

This sounds like (and is) a lot of work. But we have tools to automatically calculate your estimated taxes to help you easily pay these taxes on time.

State Taxes on Small Business

There is also the inconvenient matter of your state taxes, which you owe on top of your federal taxes. States differ broadly on what types of taxes they charge their small businesses. Depending on your state, these could include sales taxes, property taxes, or other various forms of state taxes.

We cannot fully explain all required state taxes for all 50 states in the US, but we can direct you to this IRS list of state tax laws for all 50 states that will provide the link you need to help determine that state taxes for the state where your small business is located.

How To Prepare Your Small Business Taxes

The Sunrise digital bookkeeping platform can simplify your small business’s finances and save your business money. And it comes with a tool called Sunrise Tax Assist that seamlessly integrates your bookkeeping into your tax preparation to make tax prep simple.

Sunrise Tax Assist prepares a tax checklist that lets you know everything you need to prepare this year’s taxes. It keeps centralized tax documents so everything from 1099s to expense reports is easily accessible—just one click away. And a tax estimator will automatically anticipate your small business tax burden so there aren’t any surprises.

You can sign up for Sunrise for free to simplify your small business’s bookkeeping and tax preparation. Sunrise also has a mobile app for iOS and Android that helps you access these tools from anywhere. Because it’s great to have a tax assistant or bookkeeping specialist this year, but it’s even better to have one that you can use electronically instead of meeting in person.

Disclaimer: The information provided in this post does not, and is not intended to, constitute business, legal, tax, or accounting advice. All information, content, and materials available in this post are for general informational purposes only. Readers of this post should contact their attorney, business advisor, or tax advisor to obtain advice with respect to any particular matter.

The post Bookkeeping Software Can Simplify Your Small Business Taxes appeared first on Lendio.

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bossedtaxprep · 4 years

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Victims of this month’s winter storms in Texas will have until June 15, 2021, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

Following The recent disaster declaration issued by the Federal Emergency Management Agency (FEMA), the IRS is providing this relief to the entire state of Texas. But taxpayers in other states impacted by these winter storms that receive similar FEMA disaster declarations will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

The tax relief postpones various tax filing and payment deadlines that occurred starting on Feb. 11. As a result, affected individuals and businesses will have until June 15, 2021, to file returns and pay any taxes that were originally due during this period. This includes 2020 individual and business returns normally due on April 15, as well as various 2020 business returns due on March 15. Among other things, this also means that affected taxpayers will have until June 15 to make 2020 IRA contributions.

The June 15 deadline also applies to quarterly estimated income tax payments due on April 15 and the quarterly payroll and excise tax returns normally due on April 30. It also applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17.

In addition, penalties on payroll and excise tax deposits due on or after Feb. 11 and before Feb. 26 will be abated as long as the deposits are made by Feb. 26.

The IRS disaster relief page has details on other returns, payments and tax-related actions qualifying for the additional time.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Therefore, taxpayers do not need to contact the agency to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2021 return normally filed next year), or the return for the prior year. This means that taxpayers can, if they choose, claim these losses on the 2020 return they are filling out this tax season. Be sure to write the FEMA declaration number – 4586 − on any return claiming a loss. See Publication 547 for details.

The tax relief is part of a coordinated federal response to the damage caused by these storms and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.

#irstaxtip #taxprep #bossed

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thinktradeinc · 3 years

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One-Stop website To Prepare, Report and Pay #Quarterly #ExciseTax #Form720. Simple & Quick Interface, Special enriched features! makes #efiling experience a Breeze! Getting started with #720efile is easy, create an account & complete it online in 3 steps @Taxexcise #TaxExcise

August 2, 2021 is the Due Date for the 2nd Quarter Federal Excise Taxes.

#Federal excise Taxes online #efile Form 720 for 2021 #excise tax form 720 efile for 2021 #excise taxes online at TaxExcise.com #TaxExcise #Tax Excise #taxexcise.com #tax form 720 efile

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2290tax · 6 years

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Quarterly Federal Excise Tax Form 720 Electronic Filing

Quarterly Federal Excise Tax Form 720 Electronic Filing for the 4th Quarter of 22018 is now Due this January 31. Start with eFile for Form720 today at @taxexcise and make your filing process ease and simple. #TaxExcise is only website to support #eFile for Federal Excise Tax Forms.

The 4th Quarter Federal Excise Tax on Tax Form 720, is now due and Jan. 31 is the last date to report and pay the taxes. Electronic filing could make it simple, easy and safe. You can do your Excise Tax reporting on your own in 3 simple steps, getting started with Form 720 efile is also easy and fast.

Electronic Filing for Federal Excise Taxes

The foremost is IRS could receive your returns…

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excisetaxonline · 7 years

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Jan 31 is the due date for 4th quarter reporting

Just a quick reminder, if you haven't already prepared your 4th Quarter 2017 Federal Excise Tax return, you have until Wednesday, January 31st to prevent late penalties. #FET, #FederalExciseTax #ExciseTax @taxexcise @tax2290 #taxDeadline

Quarterly Federal Excise Tax reporting for 4th Quarter of 2017, is due by Jan 31 and you just have couple of days to have this Form 720 reported with the IRS. Use http://TaxExcise.com, the only website to support online tax reporting for 720, Federal Excise Taxes.

You are liable to file Form 720, the federal excise taxes every quarter when you offer a service, sell a product or goods that has…

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#4th Quarter federal excise tax online #720 federal excise tax online #720 tax due #Due Date for Excise Tax Returns #Excise Tax online #Excise Tax Returns online #federal excise tax online #Form 720 #Form 720 eFile #IRS TAX FORM 720 eFile #online 720 #quarterly federal excise tax form 720 #tax deadline #Tax Form 720 online #tax reporting

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124southmain · 3 years

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Hurricane Ida Tax Relief on Cook & Co. News

New Post has been published on https://cookco.us/news/hurricane-ida-tax-relief/

Hurricane Ida Tax Relief

Tax relief now available to victims of Hurricane Ida; Oct. 15 deadline, other dates extended to Jan. 3

Victims of Hurricane Ida that began on Aug. 26 now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently this includes the entire state of Louisiana, but taxpayers in Ida-impacted localities designated by FEMA in neighboring states will automatically receive the same filing and payment relief. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

“During this difficult time, the IRS stands ready to help victims of Hurricane Ida,” said IRS Commissioner Chuck Rettig. “We want people affected by this devastating hurricane focused on their safety and recovery for themselves and their families. To provide assistance now and in the weeks ahead, we have a variety of different types of relief available to help people and businesses affected by this disaster.”

The tax relief postpones various tax filing and payment deadlines that occurred starting on Aug. 26, 2021. As a result, affected individuals and businesses will have until Jan. 3, 2022, to file returns and pay any taxes that were originally due during this period. This means individuals who had a valid extension to file their 2020 return due to run out on Oct. 15, 2021, will now have until Jan. 3, 2022, to file. The IRS noted, however, that because tax payments related to these 2020 returns were due on May 17, 2021, those payments are not eligible for this relief.

The Jan. 3, 2022 deadline also applies to quarterly estimated income tax payments due on Sept. 15, 2021, and the quarterly payroll and excise tax returns normally due on Nov. 1, 2021. It also applies to tax-exempt organizations, operating on a calendar-year basis, that had a valid extension due to run out on Nov. 15, 2021. Businesses with extensions also have the additional time including, among others, calendar-year corporations whose 2020 extensions run out on Oct. 15, 2021.

In addition, penalties on payroll and excise tax deposits due on or after Aug. 26 and before Sept. 10, will be abated as long as the deposits are made by Sept. 10, 2021.

The IRS disaster relief page has details on other returns, payments and tax-related actions qualifying for the additional time.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Therefore, taxpayers do not need to contact the agency to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2021 return normally filed next year), or the return for the prior year (2020). Be sure to write the FEMA declaration number – 4611 − for Hurricane Ida in Louisiana on any return claiming a loss. See Publication 547 for details.

The tax relief is part of a coordinated federal response to the damage caused by Hurricane Ida and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.

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beerguysradioshow · 4 years

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Hops & Ledgers | Protecting Your Brewery Through the Coronavirus Crisis

Welcome to the Hops & Ledgers Podcast!

Hops & Ledgers is a series of quarterly podcast episodes that will focus on the business aspects of the craft beverage industry. Presented in partnership with Wipfli CPAs and Consultants, each episode will cover a different area of interest to launch or grow your brewery. Our intentions with the launch of this new podcast were to bring you much more positive content, but due to the severe impact on the craft beverage industry we felt that our first episode should address Coronavirus / Covid-19 and the resources available to help ease the strain on brewers.

Protecting Your Brewery Through the Coronavirus Crisis

Pat Tuley and Terry Hoover of Wipfli are our presenters in this episode and will cover the many options available to breweries. The information presented here is up-to-date as of the recording but this is a constantly changing situation. Please consults your financial advisor or contact Wipfli with any questions.

Topics discussed:

Overview of the Coronavirus Aid, Relief, and Economic Security Act (CARES)

SBA Loans for Breweries

Paycheck Protection Plan (PPP)

Economic Injury Disaster Loan (EIDL)

What brewers should be doing TODAY

Families First Coronavirus Response Act (FFCRA)

Emergency Paid Sick Leave Act

Emergency Expansion of Family Medical Leave Act

Tax Credits

Delayed Federal Tax Deadlines and Payments

Tax Provisions for Individuals

Employee Retention Credit

Delayed Payment of Employer Payroll Taxes

Modifications to Net Operating Loss (NOLs)

Limitation on Losses for Taxpayers other than Corporations

Limitation on Business Interest Expense

Temporary Exception from Excise Tax for Alcohol used to Produce Hand Sanitizer

Resources

For Wipfli’s COVID-19 Resource Center, see https://www.wipfli.com/covid-19-resource-center

For an IRS summary of filing and payment deadlines FAQs, see https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

For IRS guidance updates on coronavirus tax relief, see https://www.irs.gov/coronavirus

For a 35-page Senate staff summary of the overall CARES Act, see https://www.finance.senate.gov/imo/media/doc/CARES%20Act%20Section-by-Section%20(Tax,%20Unemployment%20Insurance).pdf

For the CARES Act text, see https://files.taxfoundation.org/20200325223111/FINAL-FINAL-CARES-ACT.pdf

Have Questions?

Please contact your financial advisor with any questions or reach out to Pat Tuley or Terry Hoover at Wipfli for assistance.

Pat Tuley - Atlanta, GA Office [email protected]

Terry Hoover - Appleton, WI Office [email protected]

Legal Disclaimer

The information included and discussed in this presentation is general in nature and should not be relied upon in providing tax or legal advice without independent research and analysis.

Tax and legislative policies are ever evolving. Current updates to information and analysis included and discussed in this presentation should be considered.

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

Check out this episode!

#craft beer #beer #craft #drink local #podcast #interview #beer guys #ipa #stout #hops #brewing #homebrewing #brewery

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elizabethcariasa · 3 years

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Nov. 1 is new tax deadline for some storm-struck Michiganders

One of the severe storms that hit Michigan on June 26. In the wake of a major disaster declaration, the IRS is giving some of the state's taxpayers until Nov. 1 to take care of tax tasks. (Photo by Ben Kessler via the National Weather Service)

The 2021 Atlantic hurricane season got off to an early start. Since then, though, it's been a slow tropical season. Thank you, Saharan dust (and Deb Fox)!

However, other major natural disasters have made up for it.

So far in 21, there have been 14 instances of tax relief provided by the Internal Revenue Service due to federal disaster declarations. That's a bit ahead of last year, which by the end of July 2020 had recorded 10 such devastating circumstances.

The latest IRS decision to provide taxpayer relief because of a major Mother Nature snit affects some Michigan taxpayers.

The IRS has announced that Great Lakes State individual and business taxpayers who suffered through severe storms, flooding, and tornadoes that began on June 25 now have until Nov. 1 to file various returns and make payments.

The affected counties, per the Federal Emergency Management Agency (FEMA), are Washtenaw and Wayne Counties in the southeastern part of the state.

Here's a quick look at this storm-related relief for these Michigan filers.

Returns, payments and estimated taxes: The extension means that Michigan individuals who had a valid extension until Oct. 15 to file their 2020 tax returns now have until Nov. 1 to finish that document.

However, since any tax payments associated with the extended 2020 returns were due on May 17, the COVID-delayed 2021 deadline, any additional tax due with the final, extended filing will have penalty and interest charges tacked on.

The new Nov. 1 deadline also applies to the quarterly estimated tax payment due on Sept. 15.

As for businesses, the delay applies to quarterly payroll and excise tax returns normally due on Aug. 2. The IRS says that penalties on deposits due on or after June 25, 2021, and before July 12, 2021, will be abated as long as the tax deposits were made by July 12.

And for businesses that face the Aug. 31 deadline to file their Tax Year 2021 Form 2290, Heavy Highway Vehicle Use Tax Return, for vehicles also now have until Nov. 1 to do that.

Contact IRS about penalty notices: Because, well, IRS and taxes, it's possible that taxpayers who live or own a company in Washtenaw or Wayne Counties could get a late filing or late payment penalty notice from the IRS even though they now have added time to take care of tax tasks.

In these cases, if the notice is for a tax obligation that has an original or extended filing, payment or deposit due date that falls within the postponement period, then call the telephone number on the notice to have the IRS abate the penalty.

You can get additional information on services currently available at the IRS operations and services page at IRS.gov/coronavirus.

IRS automatically applies new deadline: Also, Michiganders who live or have a business in the storm-relief counties don't need to do anything to get the November deadline. The IRS automatically identifies taxpayers located in the covered disaster area and applies filing and payment relief.

However, if you reside or have a business outside the covered disaster area and believe you, too, should get more tax time, call the IRS' toll-free disaster hotline at (866) 562-5227 to discuss your circumstances and request the same relief.

Claiming losses this tax year or next: Finally, the disaster relief also includes the option to decide when to claim any uninsured losses on your taxes.

You can do so for the prior year. In this case, that would be the 2020 returns from filers who got extensions and now don't have to get the paperwork to the IRS until Nov. 1. Some Michigan storm victims could find that claiming this year's damages on their 2020 taxes could produce a quicker and larger refund that could help with repairs and other recovery efforts.

Or you can wait to claim any allowable losses when you file your 2021 tax return next year.

Run the numbers for both tax years and choose the filing date that gives you the best result. Remember, too, that you must itemize to claim the personal property losses from a major disaster that aren't covered by insurance or other reimbursements.

That means filing Form 1040 Schedule A, along with Form 4684, Casualties and Thefts. You can read more about this process in my post on considerations in making a major disaster tax claim.

The IRS asks taxpayers making the loss claims on their 2020 return to note that at the top of their Form 1040. Add the phrase "Michigan Severe Storms, Flooding, and Tornadoes" in bold letters at the top of the form.

If you need to get prior tax info to complete your disaster-related filing, the IRS will waive its usual fees for such copies. To get the fee break, use the same Michigan disaster phrase on the Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, that you submit to the IRS for the data.

And whatever tax year you choose to claim your disaster losses, the IRS also requests you include the FEMA disaster declaration number on your return. For the Michigan situation, that's FEMA 4607-DR.

You also might find these items of interest:

Atlantic hurricane season starts early for 7th straight year

State disaster declarations could trigger quicker IRS tax relief under House bill

Storm Warnings: A multi-page collection of blog posts on preparing for, recovering from, and helping those dealing with natural disasters

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williamtruax · 6 years

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Victims of 2018 California Wildfires Granted Tax Relief

In the aftermath of recent destruction caused by the California wildfires, the Internal Revenue Service (IRS) announced that individuals and businesses in Butte, Los Angeles and Ventura counties may qualify for tax relief.

An emergency declaration made by the President permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after November 8, 2018 and before April 30, 2019, will be granted additional time to file through April 30, 2019. This includes 2018 individual income tax returns and payments normally due on April 15, 2019.

It also includes the quarterly estimated income tax payments due on January 15, 2019 and April 15, 2019 and the quarterly payroll and excise tax returns normally due on January 31, 2019. Tax-exempt organizations that operate on a calendar-year basis and had an automatic extension due to run out on November 15, 2018 may also qualify for relief.

Penalties on payroll and excise tax deposits due on or after November 8, 2018, and before Nov. 23, 2018, will be abated as long as the deposits are made by November 23, 2018. If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.

The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at (866) 562-5227 to request this tax relief.

Casualty Losses

Affected taxpayers in a federally declared disaster area have the option of claiming disaster-related casualty losses on their federal income tax return for either the year in which the event occurred, or the prior year. Individuals may deduct personal property losses that are not covered by insurance or other reimbursements.

Affected taxpayers claiming the disaster loss on a 2018 return should put the Disaster Designation, “California, Wildfires” at the top of the form so that the IRS can expedite the processing of the refund.

Other Relief

The IRS will waive the usual fees and expedite requests for copies of previously filed tax returns for affected taxpayers. Taxpayers should put the assigned Disaster Designation “California, Wildfires” in red ink at the top of Form 4506, Request for Copy of Tax Return, or Form 4506-T, Request for Transcript of Tax Return, as appropriate, and submit it to the IRS.

Affected taxpayers who are contacted by the IRS on a collection or examination matter should explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case. Taxpayers may download forms and publications from the official IRS website, irs.gov, or call (800) 829-3676 to request a hard copy.

If you or someone you know is was affected by the recent California wildfires and need assistance determining what relief may be available, please CONTACT US right away. We’re here to help!

#Tax Relief #Disaster #Tax Return

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zeroviraluniverse-blog · 7 years

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Morning News Call - India, February 7

Visit Now - http://zeroviral.com/morning-news-call-india-february-7/

Morning News Call - India, February 7

To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 9:30 am: Natco Pharma post-earnings analyst conference call in Mumbai. 2:30 pm: RBI to release bi-monthly monetary policy statement in Mumbai. 2:45 pm: RBI Governor briefing post release of monetary policy statement in Mumbai. 4:00 pm: Eicher Motors post-earnings analyst conference call in Mumbai. 4:00 pm: BSE MD & CEO Ashishkumar Chauhan and Hindalco Chief Risk Officer Anil Mathew at Commodities Market Outlook in Mumbai. 5:00 pm: RBI monetary policy analyst conference call in Mumbai. LIVECHAT-FX MONTH AHEAD John Noonan, Head of IFR FX Watch Asia, analyses cues and views for market moves for the month ahead at 1930 IST. To join the conversation, click on the link: here INDIA TOP NEWS •RBI expected to keep rates on hold - for now The Reserve Bank of India, meeting amid a global market storm, is widely expected to keep its key rate on hold, but toughen its rhetoric as inflation has accelerated sharply, making an increasing number of analysts see a hike this year. •Indian markets down on global weakness - finmin official The recent slump in Indian stock markets was a result of global weakness and not because of a tax on long term capital gains that the government had announced in its federal budget last week, the country's finance secretary said on Tuesday. •Indian govt, RBI to discuss bond yield surge at borrowing meeting - sources India's finance ministry will raise its concerns about the sharp rise in market bond yields when it holds a meeting this week with the central bank to discuss government borrowing plans for the year, two people familiar with the matter said. •Hero MotoCorp Q3 profit up 4 percent, but misses estimates Hero MotoCorp, the world's biggest two-wheeler maker, posted a more than 4 percent rise in quarterly profit on Tuesday, helped by higher sales particularly in its scooter segment. •Lupin Q3 profit misses estimates on lower sales in North America, forex losses Lupin, India's second-largest drugmaker by revenue, on Tuesday reported lower-than-expected third-quarter net profit, hurt by lower sales in North America and foreign exchange losses. •India sees no scope for more excise duty cut on petrol, diesel for now - finmin source India has no immediate plan to further cut factory gate tax on petrol and diesel due to its tight fiscal situation, a finance ministry source said on Tuesday. •Punjab National Bank Q3 net profit rises 11 percent, lags estimates Punjab National Bank, India's fourth-largest lender by assets, reported third-quarter net profit rose 11 percent as its proportion of bad loans to total loans fell, although the profit increase was smaller than expected. •ArcelorMittal to exit India's Uttam Galva to make way for new steel bids ArcelorMittal is set to sell its entire stake in India's Uttam Galva Steels to the company's founders at less than the market price of the stock, a member of Uttam Galva's founding Miglani family told Reuters on Tuesday. GLOBAL TOP NEWS •U.S. House passes stopgap spending bill to avert shutdown The U.S. House of Representatives on Tuesday approved another stopgap bill to keep the federal government from shutting down, hours after President Donald Trump said he would "love" to see a shutdown if immigration legislation were not included. •Theme parks lift Disney profit, more 'Star Wars' coming Walt Disney Co on Tuesday reported a quarterly profit that topped Wall Street forecasts as theme park crowds packed a new "Avatar" land, making up for a decline at the ABC broadcasting network. •SpaceX's Falcon Heavy rocket soars in debut test launch from Florida The world's most powerful rocket, SpaceX's Falcon Heavy, roared into space through clear blue skies in its debut test flight on Tuesday from a Florida launch site where moon missions once began, in another milestone for billionaire entrepreneur Elon Musk's private rocket company. LOCAL MARKETS OUTLOOK (As reported by NewsRise) •The SGX Nifty Futures were trading at 10,636.00, trading up 1.35 percent from its previous close. •The rupee will likely open higher against the dollar, tracking gains across Asian peers, as global equity markets bounced back following recent massive sell-offs. •Indian sovereign bonds are likely to trade steady ahead of the Monetary Policy Committee’s decision on interest rates due later in the day.The yield on the 7.17 percent bond maturing in 2028 is likely to trade in a 7.55 percent-7.59 percent band till the policy decision due at 2:30 p.m. GLOBAL MARKETS • Shaken out of many months of calm, Wall Street braced for a higher level of volatility in the days ahead, after a roughly 2 percent rebound in U.S. stocks on Tuesday followed the biggest one-day selloff in more than six years. • Asian share markets were trying to find their footing as a semblance of calm returned to Wall Street where major indices bounced into the black after days of deep losses. • The dollar was firmer against the yen but trimmed gains against the euro when U.S. equities bounced overnight after suffering deep losses earlier in the week. • U.S. Treasury debt prices gained on the day on Tuesday as volatile equity markets led some investors to seek out lower risk bonds, though many investors remained nervous after a week long bond rout sent yields on Monday to four-year highs. • Oil prices rose amid a share market recovery and supported by a report that U.S. crude inventories fell last week, although analysts warned that soaring U.S. output and a seasonal demand drop could soon weigh on crude. • Gold prices edged up as investors resorted to bargain hunting after the yellow metal's sharp decline of over 1 percent to its lowest in more than three weeks in the previous session. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.15/64.18 February 6 -$362.31 mln $66 mln 10-yr bond yield 7.66 pct Month-to-date $215.38 mln $694.61 mln Year-to-date $2.25 bln $2.17 bln For additional data: India govt bond market volumes Stock market reports Non-deliverable forwards data Corporate debt stories [IN CORPD] Local market closing/intraday levels [IN SNAPSHOT] Monthly inflows [INFLOWS RTRS TABLE IN] ($1 = 64.2000 Indian rupees) (Compiled by Yoganand KN in Bengaluru)

Our Standards:The Thomson Reuters Trust Principles.

#7 #Call #February #India #morning #news #News #Others

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christophergill8 · 6 years

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California wildfire, Virginia hurricane victims get tax relief

Image courtesy Natural Disasters by Nina Bort via SlideShare

Thanksgiving week 2019 is a difficult time for many on both sides of the United States.

Hurricanes this summer devastated lives and property in parts of the South and Eastern Seaboard. This fall Californians are dealing with deadly wildfires.

Those of us who can help our less fortunate neighbors have many options, from the usual national charities that hit the ground in disaster areas to regionally specific nonprofits.

The Internal Revenue Service is helping in its way, too.

Hurricane Florence help in more of Virginia: This month, the IRS extended its previously announced tax relief for Hurricane Florence victims to more folks who live in or have businesses in additional Virginia counties and towns.

The latest locations bring to 32 the counties and cities in the Old Dominion where residents and business owners now are eligible for special federal tax consideration.

The affected Virginians live in or have businesses in the counties of Botetourt, Charles City (yes, it's a county), Chesterfield, Craig, Floyd, Franklin, Grayson, Halifax, Henry, Isle of Wight, King and Queen, King William, Lancaster, Lunenburg, Mathews, Mecklenburg, Nelson, Northumberland, Nottoway, Patrick, Pittsylvania, Pulaski, Russell and Roanoke Counties and the independent cities of Bristol, Danville, Franklin, Hampton, Martinsville, Newport News, Richmond and Williamsburg.

Under the IRS assistance for Florence victims, affected taxpayers generally have until Jan. 31, 2019, to file their 2017 tax returns that were on extension. You can find more on the IRS' Hurricane Florence tax relief options in this post, as well as the this follow-up item.

California wildfire tax relief also granted: Three thousand miles away, the IRS says Californians in the wildfire areas, either as residents or business owners, also are eligible for special federal tax treatment.

The affected Golden State areas, for now, are Butte, Los Angeles and Ventura counties.

Individual and business taxpayers in those three counties have until April 30, 2019, to meet filing deadlines that have occurred since the fires' initial Nov. 8 outbreak and since.

That means affected Californians get a couple of extra weeks to file individual 2018 tax returns that, for the rest of us, are due on April 15, 2019.

The new end-of-next-April due date also applies to other tax payments in the relief period, such as the first 2019 estimated tax payment.

Tax-exempt organizations in the wildfire relief areas that operate on a calendar-year basis and had an automatic extension due date of Nov. 15 also get the added filing time.

On the business tax side, quarterly payroll and excise tax returns normally due on Jan. 31, 2019, now have the April 30, 2019, deadline. In addition, penalties on payroll and excise tax deposits that were due on or after Nov. 8, 2018, and before Nov. 23, 2018, will be abated as long as the deposits are made by Nov. 23.

Contact IRS with questions, penalty issues: if you're in the affected areas, you don't have to do anything to get the applicable tax relief.

The IRS automatically identifies taxpayers located in covered disaster areas and applies the qualifying filing and payment relief.

However, if you live in or have a company outside a covered disaster area but need data or documents that are/were in the disaster zones to complete your tax tasks, call the IRS' toll-free disaster hotline (866) 562-5227 to request tax relief.

Also, if you're a relief worker with a recognized government or philanthropic organization and are in the disaster areas helping, you too are eligible for the applicable tax relief.

Finally, while the IRS does its best to provide tax relief to those who qualify without any extra effort on their parts, sometimes things slip through in error.

If that happens and you, as a personal filer or business taxpayer in a tax-relief disaster zone, do erroneous get a late filing or late-payment penalty notice for a tax that fell within the postponement period, call the telephone number on the notice to have the IRS abate the penalty.

You also might find these items of interest:

How to claim major disaster tax losses

Beware of fake charities in the wake of disasters

Reconstructing tax & other records after a natural disaster