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    Month: August 2020

    IRS Mail Backlog

    Some taxpayers who paid their taxes due by check have recently received notices from the IRS indicating that the balance of tax remains unpaid.  On August 13, 2020, the IRS indicated on its website that it still has a large backlog of unopened mail, due to the pandemic.  The IRS also indicated that it will post payments made by check to taxpayer accounts using the date the payment was received...

    Unemployment Benefits and Taxes

    As practitioners assist clients in navigating these challenging times, they should consider warning clients about the income tax effects of unemployment benefits.  While unemployment benefits are included in gross income, many recipients do not have income taxes withheld from the benefits.  For those who elect to have withholding, the amount of withholding is often below the amount of the tax ...