Tax Advice | TaxGenuity, Inc. - Tax Experts & IRS Problem Solvers

Small Business: Tax Consequences of Crowdfunding

by TaxGenuity Tax Experts | Jun 1, 2020 | Tax Advice

With the onset of the coronavirus pandemic, crowdfunding websites such as Kickstarter and GoFundMe have become an increasingly popular way for small business owners to stay afloat. The upside is that it’s often possible to raise the cash you need; the downside...

Job Loss Could Affect Your Tax Situation

by TaxGenuity Tax Experts | May 30, 2020 | Tax Advice

If you’ve lost your job you may have questions about how it could affect your tax situation. Here are some answers: Q: I lost my job. How does this affect my tax situation? A: The loss of a job may create new tax issues. For example, any severance pay you...

Employee Retention Credit Could Help Your Business

by TaxGenuity Tax Experts | May 28, 2020 | Tax Advice

Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of...

Additional Tax Deadlines Extended

by TaxGenuity Tax Experts | May 26, 2020 | Tax Advice

As a reminder, taxpayers now have until July 15, 2020, to file and pay federal income taxes originally due on April 15 and no late-filing penalty, late-payment penalty or interest will be due. Due to the coronavirus pandemic, this relief has been expanded to include...

Tax-exempt Organizations Required to e-file Forms

by TaxGenuity Tax Experts | Apr 28, 2020 | Tax Advice

The Taxpayer First Act enacted July 1, 2019, requires tax-exempt organizations to electronically file information returns and related forms. Those that previously filed paper forms will receive a letter from the IRS informing them of the change. The new law affects...

Five Tips to Protect Against Identity Theft

by TaxGenuity Tax Experts | Apr 25, 2020 | Tax Advice

Tax-related ID theft occurs when someone uses a taxpayer’s stolen personal information to file a tax return claiming a fraudulent refund. Thieves then use personal information like a stolen Social Security number. While the accounting profession and IRS work...

High-deductible Plans Cover Costs for Coronavirus

by TaxGenuity Tax Experts | Apr 22, 2020 | Tax Advice

High-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings...