Inside Business

NEWS & UPDATES

 
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CORONAVIRUS TAX RELIEF

The IRS is offering tax help for taxpayers, businesses, tax-exempt organizations and others – including health plans – affected by coronavirus (COVID-19).

ECONOMIC IMPACT PAYMENTS

The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.

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TAX DEADLINE EXTENDED: JULY 15TH

Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

CHARITABLE DEDUCTION OF HOUSEHOLD GOODS

No deduction allowed without substantiation, ie evidence to show condition or appraisal to support value.

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NO BANKRUPTCY PROTECTION FOR INHERITED IRAS

Inherited IRAs are not protected from creditors, except if 1) a surviving spouse can take steps to treat the inherited IRA as their own IRA and 2) set up a trust to be the IRA's designated beneficiary with the heir as the trust's beneficiary.