Articles
Special IRS Provisions for 2020 Due to COVID for Employees & Self-Employed
The COVID-19 pandemic has resulted in numerous administrative and legislative responses, including short-term and a few long-term tax changes that have affe...
529 Plan: Qualified Education Expenses
A 529 plan, also known as a qualified tuition program (QTP), is a state program that helps families save on their children's education expenses. This plan allows a contributor (parents or family members) to either prepay qualified higher education expenses at an eligible educat...
How the IRS Contacts You if There Is an Error on Your Tax Return
IRS will send a series of letters starting with CP14 If the IRS determines, rightly or wrongly, that your tax return has an error, it will send you a series of letters describing the problem and letting you know what to do. Only the first of these, called a ...
COVID-19: Self-Employment Tax Deferral — Red Herring
As a part of the CARES Act the IRS provided interest-free deferral of the part of Self-Employment tax. See FAQ21 of IRS: Deferra...
Maryland RELIEF Act: Immediate Stimulus Payments
Maryland Gov. Larry Hogan signed the bipartisan RELIEF Act of 2021 on Monday, February 15, to provide a $1 billion package of emergency coronavirus relief to families and small businesses. Most of the stimulus payments should have been processed by February 19. Maryland residents who filed a 2019 tax return and received the Earned Incom...
California Governor Newsom Signs $7.6B Package with $600 Stimulus Payments
California Gov. Gavin Newsom signed a $7.6 billion relief package. 5.7 million people will receive $600 one-time payments. Small businesses can also qualify for the payments - there are over $2 billion in grants for this purpose. Who is eligible to receive the $600 one-time payment? About 5.7 million people will recei...