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- Three-year window closing for people to file their 2016 tax return who have not yet done so
- An estimated $1.5 billion in refunds await potentially 1.4 million taxpayers
- According to IRS, no late filing penalty for taxpayers when a refund
COVID-19 News
Refund Window Closing For Taxpayers To Get Their 2016 Refund (Yes, You Read That Correctly)
PPP Application Madness In Full Swing As Trump Extends Application Deadline
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- Paycheck Protection Program (PPP) application deadline moved to August 8th
- $129 million in funding still available to businesses who qualify
- Extension passed both Congressional chambers unanimously
The proverbial flood gates for applications have opened as businesses get in line to … Continue reading
Meet the DSJ Tax Team!
So, who’s working on my tax return this year? Read on and get to know the members of the DSJ tax team! Remember to check out our website for more information on all services we provide.
This year is CPA … Continue reading
A (Second) Stimulus for the Rest of Us!
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- Mnuchin indicates Trump Admin looking at second round of stimulus payments ‘very seriously’
- Admin struggling to find balance with additional economic impact payments & UI benefits
- Decision expected in the coming weeks as Congress debates fourth stimulus package
Rather than … Continue reading
PPP Forgiveness App Streamlined for Fund Recipients; ‘EZ Version’ Introduced for Self Employed Owners
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- Simpler loan forgiveness application created to provide flexibility to small businesses
- Revisions made as businesses begin to reach the 8-week period option for forgiveness
- SBA also created ‘EZ’ version aimed to help self-employed business owners, others
As many businesses begin … Continue reading
Businesses Asked, SBA Answered – EIDL Program Back Open for Business
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- SBA reopens Economic Injury Disaster Loan (EIDL) program after high demand
- Businesses able to get 30-year loans at 3.75% & cash advance to weather the COVID-19 storm
- Program had previously stopped accepting loan applications due to lack of funding
Monday, … Continue reading
Fed Unveils Main Street Lending Program As Businesses Continue to Look for Support
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- Additional loan facility aims to support businesses who did not receive PPP funding
- Different loans will be made to businesses up to 15,000 employees, $5 billion in revenue
- Program is backed by Federal Reserve and was created by the CARES
Opportunity Zone Deadlines Extended by IRS Due to COVID-19, Creates Timing Uncertainty
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- IRS Notice 2020-39 extends investment deadline to December 31, 2020
- It also extends other benchmarks, such as 90% Asset Test or 30-month substantial improv. period
- Delay has welcomed relief to both investors and qualified opportunity zones
- Investors unclear how to
Cuo-NO! Governor Changes Major Tax Deadlines With Four Days To Go
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- NYS Governor alters estimated tax payment deadlines for the 2020 Q1 and Q2
- Change comes four days before the 2nd quarter estimated payments were due to be made
- Accountants, taxpayers both fear financial repercussions of change, rush to rethink strategy
#DSJTaxTeamTip: Form 8888 Allows Taxpayers To Fund IRA with Income Tax Refund
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- Often overlooked tax advantage allows automatic redirection of refund without delay
- Form 8888 enables over-payments to be directed to fund traditional IRAs, ROTH IRA, or SEP-IRA
- Deadline to make election extended to July 15th due to COVID-19
- SIMPLE IRA still