Tag: Tax

COVID-19 & Tax Season: The IRS Has Extended The 2021 Tax Filing Deadline

One year into the pandemic, Americans are continuing to strike a balance between staying safe and handling their day-to-day responsibilities. One major challenge we all face this time of year (pandemic or no pandemic) is filing our taxes on time. On March 17, less than one month until Tax Day, the IRS announced an extension for the 2021 tax filing season. Here’s what you need to know about filing your 2020 taxes.

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A Third Round of Stimulus Checks Are Coming for Americans: The Rundown

One year into the pandemic, individuals everywhere are experiencing emotional, physical and economical implications. In an effort to ease the pandemic’s detrimental effects, the federal government has recently passed a third stimulus package called the American Rescue Plan Act.
Eligible individuals and families will receive stimulus checks up to $1,400 per person. As a reminder, here’s what you need to know about your third stimulus check.

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Millionaire & Former Zappos CEO Died in November Without a Will. Here’s Why That Makes Things Extremely Complicated

Tony Hsieh, former CEO of Zappos, died at 46 due to smoke inhalation from a house fire over the Thanksgiving holiday. Several months prior, Hsieh retired from his position as CEO of Zappos with an estimated net worth of $840 million.1 Since his death, his family has determined he died intestate, meaning he had no will. In response, his family has filed for access to the former CEO’s accounts and assets.2

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Does Your Business Qualify for the GA Retraining Tax Credit?

Did you know that Georgia offers businesses a tax break for investing in your employees? If you are a business owner, under the Georgia Retraining Tax Credit program, your business can receive a tax credit of 50 percent of your direct training expenses, with up to $500 credit per full-time employee, per training program, with an annual maximum of $1,250 per employee.

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2020 Tax Code Changes: What You Need to Know

Most of us have either filed or are wrapping up our 2019 tax filing by this point.  A common question we receive is what will happen to taxes after the election?  Government spending has increased (especially in response to COVID-19 packages) and an increase in revenues will be needed.  Of course, finding consensus on where to increase taxes will not be likely.  At Atlanta Financial Associates, we pay much attention to proposed changes and right now that is all they are, possibilities.  Often, leaders float ideas to see what gains traction.  A couple of the proposals being ‘floated’ right now include…

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IRS Releases 2020 “Dirty Dozen” Tax Scams

Each year the IRS releases a Top 12 or “Dirty Dozen” tax frauds and scams they are seeing in an effort to warn taxpayers of things to be on the lookout for.  I read this each year and the list includes several of the usual suspects but also has some new additions.  You can read the entire IRS list here (IRS Dirty Dozen 2020), but I wanted to highlight a couple of items that I believe are most relevant to our readers…

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