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IRS has options for gig economy workers and those with unemployment benefits WASHINGTON The Internal Revenue Service reminds workers in the gig economy and those who claimed unemployment compensation in 2020 of their options and where to find information on meeting their tax obligations. Gig economy...Continue reading

IRS Office of Chief Counsel's first National Virtual Settlement Month successful in resolving almost 150 Tax Court cases IR-2021-93, April 26, 2021...Continue reading

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IRS offers guidance to taxpayers on identity theft involving unemployment benefits The IRS urges taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a revised Form 1099-G showing they did not receive these benefits. Taxpayers who are unable to obtain a timely, corrected form from states should still file an accurate tax return, reporting only the income they received. The problem is that the address on 1099-G is NOT yours, so you will NOT get the 1009-G. You MUST contact the state UI department to see if a 1099-G has been issued. Then have them issue a new 1099-G with zero benefits.

Be Alert About Email Phishing Scams Bad Actors Seeking to Take Advantage through SBA Loan Application By Keith A. Bluestein on August 13, 2020 Category: SBA News and Views...Continue reading

Tax-related identity theft occurs when someone uses your stolen personal information, including your Social Security number, to file a tax return claiming a fraudulent refund. If you suspect you are a victim of identity theft, continue to pay your taxes and file your tax return, even if you must file a paper return. Know the Signs of Identity Theft... You may not know you’re a victim of identity theft until you’re notified by the IRS of a possible issue with your return. Be alert to possible tax-related identity theft if: You get a letter from the IRS inquiring about a suspicious tax return that you did not file. You can’t e-file your tax return because of a duplicate Social Security number. You get a tax transcript in the mail that you did not request. You get an IRS notice that an online account has been created in your name. You get an IRS notice that your existing online account has been accessed or disabled when you took no action. You get an IRS notice that you owe additional tax or refund offset, or that you have had collection actions taken against you for a year you did not file a tax return. IRS records indicate you received wages or other income from an employer you didn’t work for.

Reporting cash transactions helps government combat criminal activities The information on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, helps law enforcement combat money laundering, tax evasion, drug dealing, terrorist financing and other criminal activities. Here are facts on who must file the form, what they must report and how to report it. Who must file...Continue reading

IRS alert: Economic Impact Payments belong to recipient, not nursing homes or care facilities WASHINGTON The Internal Revenue Service today alerted nursing home and other care facilities that Economic Impact Payments (EIPs) generally belong to the recipients, not the organizations providing the care. The IRS issued this reminder following concerns that people and businesses may be taking advantage of vulnerable populations who received the Economic Impact Payments.... The payments are intended for the recipients, even if a nursing home or other facility or provider receives the person’s payment, either directly or indirectly by direct deposit or check. These payments do not count as a resource for purposes of determining eligibility for Medicaid and other federal programs for a period of 12 months from receipt. They also do not count as income in determining eligibility for these programs. The Social Security Administration (SSA) has issued FAQs on this issue, including how representative payees should handle administering the payments for the recipient. SSA has noted that under the Social Security Act, a representative payee is only responsible for managing Social Security or Supplemental Security Income (SSI) benefits. An EIP is not such a benefit; the EIP belongs to the Social Security or SSI beneficiary. A representative payee should discuss the EIP with the beneficiary. If the beneficiary wants to use the EIP independently, the representative payee should provide the EIP to the beneficiary. The IRS also noted the Economic Impact Payments do not count as resources that have to be turned over by benefit recipients, such as residents of nursing homes whose care is provided for by Medicaid. The Economic Impact Payment is considered an advance refund for 2020 taxes, so it is considered a tax refund for benefits purposes. The IRS noted the language in the Form 1040 instructions apply to Economic Impact Payments: Any refund you receive can't be counted as income when determining if you or anyone else is eligible for benefits or assistance, or how much you or anyone else can receive, under any federal program or under any state or local program financed in whole or in part with federal funds. These programs include Temporary Assistance for Needy Families (TANF), Medicaid, Supplemental Security Income (SSI), and Supplemental Nutrition Assistance Program (formerly food stamps). In addition, when determining eligibility, the refund can't be counted as a resource for at least 12 months after you receive it. Additional information about EIPs and representative payees involving Social Security and Supplemental Security Income benefits can be found at www.ssa.gov/coronavirus/#reppayee. Additional information on EIPs can be found at www.irs.gov/eipfaq.

how NYC will proceed as follows with Phases 1, 2 and 3. Monday - June 8, 2020 - PHASE 1 Construction, retail stores, limited to curbside or in-store pick-up or drop off; manufacturing; wholesale trade. ... Monday - June 22, 2020 - *ANTICIPATED* - PHASE 2 Sidewalk cafes can open: hair salons, barber shops; car sales and rentals; in-person real-estate showings. Monday - July 6, 2020 - *ANTICIPATED* - PHASE 3 INDOOR DINING IN RESTAURANTS as well a Hotels