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Qualified Disaster Payments to Employees During COVID-19
§139 of the Internal Revenue Code (the “Code and if you ever tried to read it you will know why they call it Code)”) excludes from a taxpayer’s gross income certain payments to individuals to reimburse or pay for expenses related to a qualified disaster. CONVID-19 is considered a Qualified Disaster in all states…. A…
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Florida Sales Tax Questions
Use this link for questions. State of Florida is very good at responding. Be specific. https://floridarevenue.com/faq/Pages/contactus.aspx […]Read More… from Florida Sales Tax Questions
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Premature Distribution during VIRUS
When a premature distribution is made, it needs to be marked as a coronavirus-related distribution. The distribution can be made any time in 2020 up to an aggregate limit of $100,000 and the 10% additional tax is waived. You can also spread out the tax burden over three years (2020, 2021, and 2022) or decide…
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2019 IRS Payments & 2020 estimates DELAYED – Filing dates not changed
March 18, 2020 The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t…
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SEP for 2020
In 2020 the MAX SEP is changed to 20% of earned income up to max of $57,000. […]Read More… from SEP for 2020