Editorial team of TFX
Articles
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...
Form 3911 & Stimulus Checks: Why This Form Matters to Taxpayers & Clarification of IRS Recommendations
From the IRS Economic Impact Payment Information Center FAQ: What is Form 3911? ...
Teachers Can Deduct COVID-19 Protective Items on Their Tax Returns
Last week, the IRS announced that from now on, all eligible educators can deduct out-of-pocket COVID-19 protective items that they use in a classroom in order to prevent the spread of the virus. What are the protective items that teachers a...
Coronavirus Causes Sales Tax Updates for 2020
The COVID-19 coronavirus disease caused so many changes in literally everyone’s life and every sphere of our lives, too. Sales taxes are no exception. Let’s see what happened in 2020 to U.S. states’ sales taxes due to coronavirus. Alabama sales tax Alabama provided payment extension and waived penalt...