- Actually, a Recession is a Great Time to Launch That New Startup
- Many entrepreneurs are afraid to make a move during a recession – but these periods of downturn may actually be the ideal time to launch a new startup.
- Still Waiting for the IRS to Cash Your Check?
- During the COVID-19 pandemic, the IRS has furloughed many of its employees or had them work from home to mitigate the spread of the virus. Many IRS offices remained shuttered for months, and a backlog of millions of pieces of unopened mail accumulated in trailers set up outside IRS facilities.
- Video: Do You Know that Unemployment Benefits Are Taxable?
- The unemployment benefits you receive in 2020 are subject to federal and state taxes. Watch this video to be better prepared.
- Ready for the 1099-NEC?
- The Internal Revenue Service has resurrected a form that has not been used since the early 1980s, Form 1099-NEC (the NEC stands for non-employee compensation). This form will be used to report non-employee compensation in place of the 1099-MISC, which has been used since 1983 to report payments to contract workers and freelancers. Form 1099-MISC has also been used to report rents, royalties, crop insurance proceeds and several other types of income unrelated to independent contractors.
- October's Extended Due Date Is Fast Approaching
- Because of the COVID-19 pandemic emergency, the IRS postponed the original due date for filing 2019 returns to July 15, 2020. If you could not complete your 2019 tax return by July 15 and filed a request for additional time to file, that extension expires on October 15, 2020. Failing to file before the extension period runs out may cost you late-filing penalties.
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