You be the Judge

A woman with breast cancer who was fired from her job sued her employer for wrongful termination. The parties settled, with the woman receiving cash plus 650,000 shares of stock in the corporation. The agreement valued the stock at $2.38 per share, which she reported on her federal income tax return. However, she later filed…

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Time to Schedule

The end of tax season in within sight. May 17 will be here before you know it. If you have not already been to see me, it is time to schedule your tax appointment. Go to www.pedersonaccountingservices.com. My telephone number is in the upper right corner. To the left of the number, it says “Schedule.”…

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Those experiencing homelessness can get Economic Impact Payments and other tax benefits; permanent address not required

WASHINGTON — The Internal Revenue Service today continued an ongoing effort to help those experiencing homelessness during the pandemic by reminding people who don’t have a permanent address or a bank account that they may still qualify for Economic Impact Payments and other tax benefits. While Economic Impact Payments continue to be made automatically to…

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IRS to recalculate taxes on unemployment benefits; refunds to start in May

WASHINGTON – To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. The legislation, signed on March 11, allows taxpayers who earned less…

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IRS Extends Filing Deadline

WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. “This continues to be a tough…

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Identity Theft Protection

Identity theft has become a very serious problem. The Internal Revenue Services offers additional protection if you believe your identity has been stolen or compromised in any way. An Identity Protection PIN is a six-digit number that prevents someone else from filing a tax return using a taxpayer’s Social Security number. The IP PIN is…

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