Frequently Asked Questions about Economic Impact Payments

Coronavirus Aid, Relief and Economic Security Act (CARES Act) has sent the Economic Impact payment to most of the Americans, by this time. Still, the Internal Revenue Service calculates the impact and prepares to send the payments to the eligible persons. But, certain individuals need to send some additional information to the IRS in order to receive their payment. Hence, in this blog let us discuss some of the most frequently asked questions that are relevant to...

Tax2efile Data Breach Press Release Statement

Tax2efile – a US-based company investigated the data breach report and confirmed the data was engineered data for internal migration testing. As per the company spokesperson, none of their customers were impacted by the data breach on the initial investigation. Our data infrastructure is safe, robust and complies with Federal IT and IRS safety and data security requirements. We have engaged with a leading Cyber Defense Firm and reported the incident to Federal Bureau of Investigation (FBI)...

BE ALERT – Common IRS Tax Scams During Tax Season

In recent years, we hear lots of people lost millions of dollars and their personal information to the tax scammers. The tax scammers mostly make use of the telephone, email, mail or fax to net their victims. So to stay away from these scams which are affecting individuals, tax professionals, and businesses, you must be aware what is happening around. And also check what to do if you spot a tax scam. Getting phone calls from aggressive...

Pros and Cons of Filing a 4868 Personal Tax Extension

When the tax filer is unable to file the tax on or before the given deadline, then the tax filer can request for tax extension. The persons who are serving in the military get automatic tax extension without any requests. Usually, when a tax extension is made, it moves the deadline to file the tax further. Having said that, there are both Pros and Cons in filing a 4868 tax extension. Pros of filing 4868 Tax Extension...

Due Dates for Business Tax Returns and Extensions

Form 7004 which is otherwise known as an Application for Automation Time Extension for filing Business Income tax return and other related returns. Filing this business tax extension application (Form 7004) through online is made simple and quick by e-filing the Form 7004 with an IRS Authorized tax service provider like etax7004.com IRS Form 7004 Extension for Business Tax Returns Generally, the Form 7004 consists of three main sections and the extension time provided by submitting the...

Press Release: Business Owners to E-file Form 7004 to Get 6-Month Extension

Are you waiting to file your business tax without penalties, then E-file an IRS form 7004 and get a 6-month automatic extension for your business taxes. The deadline is approaching to file a form 7004 extension on March 15, 2020. If the due date falls on a Saturday, Sunday and any pubic holidays then file on the next business day. Get more information about form 7004. https://prmwire.com/press-releases/469C86F9-Business-Owners-Have-Until-March-15-2020-to-E-File-Form-7004-Says-Tax2efilecom Are you waiting to file your business tax without penalties,...

What is the Personal Tax Exemption for 2020?

In the tax year 2018 Internal Revenue Service (IRS) announced few more tax benefits. Some Tax rates had increased moderately because of the blowing up modifications and others are remained unchanged. Tax rates for 50 tax provisions had changed due to the annual inflation adjustments. The details about the annual adjustments are given in the revenue procedures. Standard deduction amounts for Married filing jointly is increased to $13,000 and for Married filing separately is increased to $6,500.The...

How to Prepare 1099 when you employ independent contractors?

In this tax season, let us check on how to close the tax books and to prepare the tax documents. When you employed an independent contractor and paid them $ 600 or more for their business service, you need to prepare and issue the Form 1099 MISC to the concerned individual. IRS Form 1099 MISC IRS 1099 MISC Form accumulates a person’s income from all his / her non-employee compensation. The independent contractors use this Form 1099...

How To Make Corrections To Form 1099-MISC Form

Form 1099 is one of the IRS forms that are used by the tax filers to report any specific types of payments. It contains a series of the informational returns identified by a letter, consists of the forms ranging from Form 1099-A to Form 1099-SA. Business owners use the IRS 1099-MISC Form in order to report the money paid to the independent contractors. Form 1099-MISC contains the information about the business and the independent contractor you paid....

IRS debuts draft of 1099-NEC for 2020 to Replace 1099

Recently the IRS released the draft of 1099-NEC, which is considered to be the replacement of Form 1099-MISC Box 7 to report the non-employee compensation and Box 9 to report the direct sales about $5,000 or more. The NEC can reduce the confusion that caused after the passage of PATH Act in 2015. As per the PATH Act, the deadlines to report to report Form 1099 MISC Box 7 is dated from 31st March to 31st January....