Hewitt Tax & Accounting LLC

11/19/2024

10/19/2020

The deadline to register for an Economic Impact Payment extended until November 21, 2020.
People who don’t normally file a tax return may be eligible for an EIP if they:
• Are a U.S. citizen, permanent resident or qualifying resident alien
• Have a work-eligible Social Security number
• Cannot be claimed as a dependent of another taxpayer.

10/02/2020

After a nearly a week of daily meetings between Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi looking for common ground on an elusive economic relief package, the House of Representatives Thursday evening voted to approve a trimmed-down $2.2 trillion version of the Heroes Act, which some are calling Heroes Act 2.0. The partisan bill passed largely along party lines but has little chance of getting Senate approval. (www.cnet.com)

09/25/2020

$500 Federal Benefit.
Federal benefit recipients who don’t normally have a filing requirement but do have qualifying children must register by Wednesday, Sept. 30 to receive a $500 catch-up payment per child. Other non-filers have until Thursday, Oct. 15 to register for their Economic Impact Payment.

09/23/2020

Home Office Deduction.
The home office deduction is available to qualifying self-employed taxpayers, independent contractors and those working in the gig economy. However, the Tax Cuts and Jobs Act suspended the business use of home deduction from 2018 through 2025 for employees. Employees who receive a paycheck or a W-2 exclusively from an employer are not eligible for the deduction, even if they are currently working from home.

09/16/2020

IRS reminds taxpayers who filed an extension that the Oct. 15 due date approaches.

09/16/2020

People should have tax withheld from unemployment now to avoid a tax-time surprise.

04/01/2020

IRS will share details about the economic impact payment as soon as it’s available. The IRS will NOT contact you to ask you to pay a fee or confirm personal information – IT IS A SCAM. Stay informed and spread the word: www.irs.gov/coronavirus

04/01/2020

A federal judge in Washington, D.C., has issued a summary judgment Michigan’s Medicaid work requirements, citing a higher court ruling involving other state.

04/01/2020

IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19
WASHINGTON — The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.

03/26/2020

Stimulus payment checks: No information available yet
At this time, the IRS does not have any information available yet regarding stimulus or payment checks, which remain under consideration in Congress. Please do not call the IRS about this. When the IRS has more specific details available, we will make it available on this page.

03/26/2020

To explain the tax relief for those affected by coronavirus