Taxmaster.US, LLC

The CARES Act, which was signed into law this spring, included a “partial above the line deduction” for charitable contributions.

This allows people who take the standard deduction — which is $12,400 for single filers and $24,800 for married-filing-jointly in 2020 — to claim a deduction of up to $300 in donations.

The CARES Act added a new $300 charitable contribution deduction for 2020. Here's what you should know This year, donate cash to charity and collect a deduction when you file your taxes in the spring. Here's what you should know

Get your taxes straightened out now!

"...a surge in audits of companies ranging from mom-and-pop retail stores and technology startups to investment funds that have historically faced only infrequent checks thanks to the time and effort required at the IRS."

IRS plans a 50% ramp-up in small-biz audits next year The enforcement push comes after years of persistently low examination rates.

"A change in government administrations is weeks away, and many small businesses desperately want to get these loans off of their balance sheets."

Need advice on PPP Loan Forgiveness? Feel free to reach out!

https://www.forbes.com/sites/brianthompson1/2020/11/19/irs-clarifies-stance-on-no-deductibility-of-expenses-paid-with-ppp-funds/?sh=28ad2ffa528b

If you have not heard from the IRS regarding a notice or paper file return, this could be why: "the IRS still contending with millions of pieces of unopened mail that have been sitting for months in trailers and are starting to be opened by IRS employees who have been required to return to work, despite cases of COVID-19 in some of the IRS facilities."

Extended, stressful tax season finally coming to an end The tax deadline is coming Wednesday after tax season was extended by three months to give taxpayers and preparers more time to deal with the novel coronavirus pandemic, but many of them will be dealing with extensions and amended returns in the months ahead.

If you have already filed your 2019 1040 and are setup for auto withdrawal of your balance due on 4/15/2020, you can move the payment to 7/15/2020 without interest and penalties.

Please reach out for help moving your payment!

If you make IRA contributions to reduce your tax liability, you now have until 7/15/2020 to make those payments for the 2019 tax year

IRS releases guidance on tax deadline postponement The Internal Revenue Service posted a frequently asked questions page about the recently announced delay in tax filing and payments until July 15 because of the novel coronavirus pandemic.

𝑮𝒐𝒐𝒅 𝑵𝒆𝒘𝒔!
We have been successful in convincing the IRS to give you until July 15th to file your return. Even better, they’ve agreed to wait on any taxes due, no interest, no penalties!

To qualify, you only need to file an extension, which we are pleased to do for the deeply discounted fee of only $29. To jump on this amazing offer, you only need to send us a message and we will get moving!