Richardson Accounting and Tax Blog

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Taxpayers can eFile their tax returns starting today. Some, however, may want to delay filing. The US Congress is in the process of passing new legislation that will impact taxes. A third round of Economic Impact Payments (EIP) are likely for individuals and their dependents. If one chooses to fi...
02/12/2021
 The IRS has extended for years 2021-2025 the cancellation of debt (COD) exclusion related to a qualified principal residence mortgage. Mortgages used to buy, build or improve a taxpayer’s main home will qualify. The mortgage must secure the property. A refinancing is also valid as long as it was...
02/04/2021
The mortgage insurance premium (MIP) deduction for a qualified residence has been extended for year 2021. Mortgage insurance premiums (MIP) are paid by borrowers whose downpayment is less than 20% on a real estate purchase. It compensates the lender for their increased risk due to the small amoun...
02/01/2021
California law until February 15, 2021 allows a parent to child and grandparent to grandchild transfer of a principal residence to be excluded from property tax reassessment. Other real property such as non-principal residence homes and commercial real estate can be transferred from parent to chi...
01/28/2021
President Biden signed over a dozen Executive Orders almost immediately after entering office. Federal student loan debt payments will be suspended, there will be a freeze on collections of defaulted loans and no interest shall apply to the debt. It is important to note that some student loans ar...
01/22/2021
On February 12 the IRS will start accepting individual tax returns for processing. Usually it begins at the end of January, but with the new tax legislation recently passed in December 2020, the IRS needs more time in order to get their systems ready. They are hoping this will help to reduce refu...
01/18/2021
The IRS is recommending everyone to use their Get My Payment (GMP) system on the IRS website to check the status of an Economic Impact Payment (EIP). The website will show the status of the first and second Economic Impact Payment (EIP) as well as how the payment was paid. For instance, by direct...
01/08/2021
The US Treasury Department along with the Internal Revenue Service (IRS) released guidance today, Revenue Ruling 2021-02, permitting the deductibility of eligible expenses related to forgiven Paycheck Protection Program (PPP) loans. Notice 2020-32 and Revenue Ruling 2020-27 had not allowed deduct...
01/06/2021
The IRS Collection Statute Expiration Date (CSED) is the amount of time that the IRS has to collect upon an assessed tax. After this period ends, the IRS has no legal recourse against a taxpayer regarding unpaid taxes. The IRS has to write it off as a loss and move on. The Collection Statute Expi...
12/23/2020
Taxpayers that cannot afford to pay their unpaid taxes can apply for a temporary hardship status called Currently Not Collectible (CNC). This is one of various collection alternatives that are available when dealing with the IRS. The taxpayer will have to disclose their assets, liabilities, incom...
12/20/2020
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