Waterfront Tax & Accounting Blog

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Services for Real Estate Pros - Lisa D Church CPA, EA, MBA, NTPI Fellow
RECENT BLOG POSTS
Taxpayers who requested an automatic extension to file their 2019 federal income tax returns may file anytime up until October 15, 2020. Remember, however, that an automatic IRS extension is only an extension to file tax returns, NOT an extension to pay any tax owed. Taxes not paid by the July 15...
08/08/2020
As part of the federal government's COVID-19 (coronavirus) relief programs, the U.S. Treasury allowed many taxpayers with an IRS installment payment agreement, or a pending or accepted Offer-in-Compromise (OIC), to suspend payments between April 1 and July 15, 2020. The IRS recently confirmed tha...
08/01/2020
You can use the IRS 'Where's my Refund' (https://www.irs.gov/refunds) tool to check the status of your refund. The 'Where's my Refund' tool is updated once daily, usually overnight. Your status is generally available within 24 hours upon the IRS receiving your e-filed return. If you have filed a ...
07/26/2020
 Tax Benefits A taxpayer who spends significant time in activities related to real estate may qualify as a “real estate professional,” which can provide tax benefits.  Passive Loss Limits A passive activity is generally defined as a business activity without a minimum amount of “material particip...
07/18/2020
The IRS has issued a reminder that time is running out to claim your 2016 tax refund if you did not file a 2016 federal return. The U.S. Treasury is currently holding unclaimed 2016 refunds totaling over $1.5 billion. The deadline to file a 2016 IRS return and claim your refund is July 15, 2020. ...
07/12/2020
If you receive income that does not have taxes withheld, such as business, self-employment or investment income, you may need to make quarterly estimated tax payments to avoid incurring IRS penalties when you file your 2020 tax return. Ordinarily, the first two quarterly estimated tax due dates o...
07/04/2020
Many families and students may have received partial or complete refunds of school tuition and fees during the spring of 2020 as a result of the COVID-19 (coronavirus) pandemic. If you paid for these expenses using a Section 529 education savings plan (also called a Qualified Tuition Program, or ...
06/21/2020
Although the IRS has sent out over 100 million Economic Impact Payments (also called stimulus payments), some Americans are still waiting to receive their payments. Even if you have gotten your EIP, you may have questions about how the money affects your income or taxes. The IRS recently issued a...
06/13/2020
As part of the U.S. Treasury's ongoing effort to get COVID-19 Economic Impact Payments (EIPs, also called stimulus payments) to all eligible Americans, the IRS has begun sending payments by prepaid debit card in addition to direct deposits and paper checks. Many people who are still waiting for t...
06/07/2020
The IRS has updated the 2020 inflationary adjustments for both standard deductions and the income limits for marginal tax rates. For individual taxpayers, the standard deduction for 2020 will be $12,400 (was $12,200), up $200 from the 2019 amount. The deduction for joint filers will increase by $...
06/02/2020
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