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    Month: November 2020

    Postponement of 1099 and W2 E-File Requirement

    The IRS has announced that it is deferring the effective date of the lower threshold for the requirement for businesses to electronically file Forms W-2 or Forms 1099.  For the 2020 tax year, both thresholds will remain 250, which is the same as in prior years. The reduction of the threshold to 100 for the 2020 tax year that was set forth in the Taxpayer First Act of 2019, enacted on July 1, 20...

    New Form for COVID-19 Retirement Account Withdrawals

    As discussed in our earlier post on October 1, 2020, certain taxpayers who were directly affected by the pandemic are permitted to withdraw up to $100,000 from retirement accounts without penalty. The IRS recently introduced a new form, Form 8915-E, Qualified 2020 Disaster Retirement Plan Distributions and Repayments, which taxpayers will be required to use to report these distributions on their...