Skip to main content Skip to search

Latest News from The Tax Consultants, Inc.

Announcement, New New Small Business COVID-19 Grant Program
We are sending out notice of MGCC's small business COVID-19 grant program, which opens today at noon and closes on November 13. Please go to the MGCC website to learn more about eligibility criteria and required documentation. Small businesses with
Continue Reading
Announcement Retirement Announcement
We are both delighted and disheartened to announce that Louise Oliveira is retiring.  Louise has been a tremendous employee and was invaluable in making our office run smoothly.  Louise's retirement is our loss, but a well-deserved respite for her.  We
Continue Reading
Foreign Accounts, Income, New, Tax FinCEN Clarifies FBAR Extensions
On October 14, 2020, FinCEN posted an incorrect message on its Bank Secrecy Act (BSA) E-Filing website. FinCEN removed it within 24 hours. The message incorrectly stated there was a new filing extension until December 31, 2020 for all filers
Continue Reading
Announcement Holiday Reminder

Holiday Reminder: Our office will be closed on Monday 10/12 in observance of Columbus Day.  We'll be back in the office on Tuesday the 13th

Continue Reading
Income, New, Tax IRS Adds Audi, MINI, and Toyota Prius Models to Plug-in Electric Vehicles Credit List
On its website, the IRS has added Audi, MINI, and Toyota Prius models to the list of vehicles that are eligible for the plug-in electric drive motor vehicle credit. Code Sec. 30D(a) provides a credit to the purchaser of a qualified
Continue Reading
Tax Update on Second Stimulus Check and Relief Bill
Due to the Nomination to the U. S. Supreme Court, it appears there will be more delays to the approval of a fifth stimulus package as Republicans and Democrats appear to be still divided on key issues such as unemployment
Continue Reading
selective focus photography cement Administration Happy Labor Day Weekend!

Happy Labor Day!

Just a reminder, our office will be closed Monday, September 7th. We will be back in the office Tuesday, September 8th.

Enjoy your long weekend!

 

Continue Reading
accounting analytics balance black and white Income, Payroll, Tax, Tax Tip IRS Payroll Tax Deferral Starts We've received many phone calls regarding President Donald Trump's executive order on deferring employees’ share of Social Security tax, the Department of Treasury and the IRS have released much-awaited guidance for employers. Before we get into the guidance, let’s look at what Continue Reading antique bills business cash Uncategorized Millions of Taxpayers Receive IRS Interest Payments In mid-August interest payments were sent to nearly 14 million individual taxpayers. People who got these payments filed their 2019 federal income tax returns by the July 15 deadline and were owed refunds. These interest payments averaged about $18. The IRS Continue Reading Income, Tax, Tax Tip Earning side income: Is it a hobby or a business? Whether it’s something they’ve been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year’s tax return. What the difference between a hobby and a business? A Continue Reading confused businessman checking time on wristwatch Income, Tax, Tax Tip IRS Processing Update The IRS continues to process electronic and paper tax returns, issue refunds, and accept payments. The IRS is experiencing delays in processing paper tax returns due to limited staffing. This is causing refund delays. Taxpayers who have already filed a paper Continue Reading silver and gold coins Income, Tax Withhold Taxes Now to Avoid a Tax-Time Surprise With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes Continue Reading Income, New, Tax, Tax Tip Taxpayer Advocate Service to Assist with EIPs - Stimulus Payments
In the Taxpayer Advocates Blog on 8/10 the NTA says the Advocate Office can now help with stimulus payments and gave 5 scenarios where TAS would intervene: #1. Eligible taxpayers using non-filer tool and claiming at least one child but did
Continue Reading
Income, New, Tax, Tax Tip Receiving Unemployment benefits?
More than 19 million people were receiving unemployment benefits at of the end of June, and some of those people may end up owing the IRS next tax season. The agency requires people to report income received in the form of
Continue Reading
New, Tax Latest on the HEALS Act
Lawmakers are being pressured to pass some form of relief for unemployed Americans soon as record-high coronavirus cases have postponed and rolled back business re-openings across the country. Unemployment had been dropping as businesses reopened, but that trend reversed in July.
Continue Reading
Income, New, Tax, Tax Tip Relief for Eligible Taxpayers Who Need Funds From IRAs and Other Retirement Plans
The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement
Continue Reading
Income, Tax, Tax Tip RMD (Required Minimum Distribution) FAQs
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) became law on December 20, 2019. The Secure Act made major changes to the RMD rules. If you reached the age of 70½ in 2019 the prior
Continue Reading
Announcement, General End of Tax Season Raffle
As you know the filing deadline for 2019 tax returns was delayed until July 15th.  With that delay we were forced to also delay our annual end of tax season drawing. The time has finally come!  We are currently drawing 25
Continue Reading
Announcement, General, Income, Tax Filing and Payment Deadline is July 15th
The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, were automatically extended until July 15, 2020. This relief applied to all individual returns, trusts, and corporations.
Continue Reading
New, Tax What do I do if my prepaid debit card was lost or destroyed?
Individuals who have lost or destroyed their EIP Card may request a free replacement through MetaBank® Customer Service. The standard fee of $7.50 will be waived for the first reissuance of any EIP Card. Any initial reissuance fee charged to
Continue Reading
General, New, Tax The IRS has begun issuing EIP Debit Cards
Nearly 4 million Americans are still awaiting their Economic Impact Payment.  The IRS has begun issuing prepaid debit cards.  The cards come in a plain white envelope and contain a blue Visa debit card with white stars issued by MetaBank
Continue Reading
General, Income, New, Tax HEROES Act Update
Late Friday evening the United States House of Representatives passed the HEROES Act which includes 3 Trillion dollars for COVID 19 relief. This bill will now go to the Senate. If passed by the Senate, the HEROES Act can significantly appease the
Continue Reading
The Tax Consultants, Inc. Emblem Announcement, General, Income, Tax Update to Economic Impact Payments
The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed
Continue Reading
Announcement, General We're All In This Together
At The Tax Consultants our priority is keeping our clients, staff and community safe.  We would like to remind our clients, if there's anything we can do to help you, please do not hesitate to contact our office. Be Safe, Be
Continue Reading
The Tax Consultants, Inc. Emblem Announcement Coronavirus Emergency Loan Guide
We've received numerous phone calls from clients and concerned business owners regarding the availability of loan and grant programs.  Attached is a small business guide and checklist as prepared by the US Chamber of Commerce. You are eligible if you are:
Continue Reading
Announcement, General Don't Fall Victim to COVID-19 Related Scams
They're at it again.  The ink is barely dry on the "Coronavirus Aid, Relief, and Economic Security Act" or the "CARES Act" - and scammers are already coming up with schemes to defraud taxpayers. Specifically, identity thieves are using confusion over
Continue Reading
Announcement, Income, Tax Massachusetts matches the IRS extended filing deadline of July 15th 2020
Governor Charlie Baker, Lt. Governor Karyn Polito, Senate President Karen Spilka and House Speaker Robert DeLeo today announced an agreement to extend the 2019 state individual income tax filing and payment deadline from April 15 to July 15 due to
Continue Reading
Announcement, Income, New, Tax Here’s what we know about the latest coronavirus aid bill
COVID-19 continues to impact the United States, the federal government is taking action to ease the burden on taxpayers. Most recently, the Senate passed a massive stimulus package (the House has yet to vote but is expected to follow suit). A key
Continue Reading
Income, Tax, Tax Tip Can I Reschedule My IRS Payment?
QUESTION: What if I already filed my 1040 and scheduled an EFTPS automatic payment on April 15? Is there a way to cancel that automatic payment and take advantage of the deferral to July 15? ANSWER: First, the backstory. The Internal Revenue Service
Continue Reading
Administration, Announcement, General MA issues stay-at-home advisory, closes non-essential businesses to slow COVID-19
Things are moving very quickly and we will continue to update you with information as we have it.  Today, March 23rd 2020 Gov. Baker has ordered all non-essential businesses in the state of MA to close until April 7th 2020. We
Continue Reading