Editorial team of TFX
Articles
The IRS Extends Tax Deadline for Victims of Texas Winter Storms
The IRS extended tax deadlines for all Texas residents and businesses from April 15 to June 15 because of the winter storms and the damages they brought. According to the recent disaster declaration issued by the Federal Emergency Management Agency, the IRS is providing this relief not only to the disaster victims but also to the ...
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 affected both employees and self-employed taxpayers in significant ways. These changes include filing postponements, ...
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...