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

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...

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:...