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New Economic Impact Payments

New Economic Impact Payments Source: IRS January 8, 2021 IRS and Treasury continue to work closely with tax and financial industry to get the second round of Economic Impact Payments (EIP) to the American people quickly. As of now, over 100 million EIPs have been direct deposited into eligible persons’   accounts. Some recipients may have had their payment […]

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Questions and Answers about the Second Economic Impact Payment

Below are frequently asked questions about the second Economic Impact (Stimulus) Payment, separated by topic. Please do not call the IRS. You can check the status of your payment with Get My Payment. General Information Eligibility Calculating The Payment Requesting My Payment Receiving My Payment General Information Use tab to go to the next focusable element […]

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Tax

2020 Year-End Tax, Gift and Estate Planning

Welcome to the Website of Zaher Fallahi, Tax Attorney, CPA. The partial materials contained herein below are for general informational purposes only and are not intended as tax or legal advice. For specific advice, seek tax advice from us or your tax advisor. 1.      Individual Taxpayers’ Tax Rates For tax year 2020, the top tax rate […]

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Tax

April 15 Income Tax Filing and Payment Deadlines Extended to July 15, 2020

(a)   The IRS extended the April 15, 2020 filing and federal income tax payment deadline to July 15, 2020. (b)   First quarter estimated tax payments usually due April 15, 2020 are now extended to July 15, 2020. April 15, 2020 filing deadline extended to July 15,2020 (c)   California conforms to the above law.

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Tax

Frequently Asked Questions (FAQs) About International Individual Tax Matters. Source: IRS

1.  I’m a U.S. citizen living and working outside of the United States for many years. Do I still need to file a U.S. tax return?  Yes, if you are a U.S. citizen or a resident alien living outside the United States, your worldwide income is subject to U.S. income tax, regardless of where you live. However, […]

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Tax

2017 Tax Law, § 199A Deduction; 20% Deduction for pass-through businesses

RS provided Frequently Asked Questions (FAQ) § 199A Deduction for Qualified Business Income (QBI) Basic questions and answers on new 20% deduction for pass-through businesses Below are answers to some basic questions about the new 20% deduction for pass-through businesses. Also known as the section 199A deduction or the deduction for qualified business income, the […]

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Tax

2017 Tax Law, § 199A Deduction; 20% Deduction for pass-through businesses

IRS provided Frequently Asked Questions (FAQ) § 199A Deduction for Qualified Business Income (QBI) Basic questions and answers on new 20% deduction for pass-through businesses Below are answers to some basic questions about the new 20% deduction for pass-through businesses. Also known as the section 199A deduction or the deduction for qualified business income, the […]

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Tax

IRS; Must-Know Tips about the Home Office Deduction

If you use your home for business, you may deduct expenses for the business use portion of your home. If you qualify, you can claim the deduction whether you rent or own your place. You may use either the (a) Regular method or (b) Simplified method to determine such deduction. Here are six tips (modified […]

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Tax

SEP-IRA Frequently Asked Questions Provided by IRS

How much can I contribute to my SEP? The contributions (cash only, no other property) you make to each employee’s SEP-IRA each year cannot exceed the lesser of: a) 25% of compensation, or b) $53,000 for 2015. Compensation up to $265,000 in 2015. How much can I contribute if I’m self-employed? The same limits on […]

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Tax

Eight Things Applicable Large Employers (ALEs) Should Know about Information Reporting and Health Coverage Offers

The Affordable Care Act (ACA) requires ALEs to file information reporting returns with the IRS and employees.  ALEs are generally those employers with 50 or more full-time (FT) employees, including FT equivalent employees in the preceding calendar year. The substantial majority of employers are not ALEs, and are not subject to this health care tax provision.  However, […]