As you begin preparing to file your 2020 income tax returns, the IRS shared some important tips. Their first quick tip is to electronically file returns and to choose direct deposit. Since the USPS has had more issues and delays than ever, going electronic is the...
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Month: January 2021
FTB Helps Cannabis Businesses
The FTB has a new form for reporting cannabis deductions in 2020. Form 4197 will allow taxpayers involved in commercial cannabis activity to report deductions, credits, exclusions, and exemptions. The FTB plans to send over 5,000 “Welcome Letters” to licensed cannabis...
Business Owners – Pay Your Payroll Taxes! San Diego Restaurant Chain Manager Pleads Guilty to Tax Fraud
A San Diego restaurant manager with over 110 employees plead guilty to employment tax fraud this week. The manager has agreed to pay over $2.2 million in restitution to settle the $1.5 million tax loss he caused to the IRS by paying his personal income taxes rather...
IRS National Taxpayer Advocate’s 2020 Report
It is no surprise the IRS, along with the rest of us, was affected by the COVID-19 pandemic. In her annual report to Congress, the National Taxpayer Advocate, Erin Collins, summarized the problems faced by the IRS including delays in issuing refunds due to backlogs,...
