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

Tax Refunds: Just the Facts

by TaxGenuity Tax Experts | Apr 19, 2020 | Tax Advice

As tax-filing season gets underway, taxpayers may be anticipating receiving their refund by a certain date, especially if they plan on making major purchases or paying bills. While some tax returns are processed quickly, others may require additional review. As such,...

Relief for Other Coronavirus-related Tax Issues

by TaxGenuity Tax Experts | Apr 16, 2020 | Tax Advice

Relief for taxpayers facing the challenges of COVID-19-related tax issues is now available through the IRS People First initiative. The projected start date will be April 1 and the effort will initially run through July 15, 2020. During this period, to the maximum...

The Tax-Smart Way to Loan Money to Friends & Family

by TaxGenuity Tax Experts | Apr 13, 2020 | Tax Advice

Offering to lend money to cash-strapped friends or family members during tough economic times is a kind and generous offer, but before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road. Take a look at this example:...

COVID-19: Information for Small Businesses

by TaxGenuity Tax Experts | Apr 10, 2020 | Tax Advice

Small and medium-sized employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees...

New Tax Law Affects Tax-Exempt Organizations

by TaxGenuity Tax Experts | Apr 7, 2020 | Tax Advice

The Taxpayer Certainty and Disaster Tax Relief Act, passed on December 20, 2019, includes several provisions that may apply to tax-exempt organizations’ current and previous tax years. As such, tax-exempt organizations should understand how these recent tax law...

Form 8962: Reconciling the Premium Tax Credit

by TaxGenuity Tax Experts | Apr 4, 2020 | Tax Advice

Form 8962, Premium Tax Credit, reconciles 2019 advance payments of the premium tax credit and may also affect a taxpayer’s ability to get advance payments of the premium tax credit or cost-sharing reductions. Taxpayers who don’t file and reconcile their...

CARES Act: Information for Individual Taxpayers

by TaxGenuity Tax Experts | Apr 3, 2020 | Tax Advice

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, often referred to as the stimulus bill, was signed into law on March 27, 2020, and contains legislation to stabilize the economy during the coronavirus pandemic. These measures include economic recovery...