If you received your Economic Impact Payment, keep in mind that it’s tax free. You do not have to use the money for any particular purpose. If you haven’t received your payment, the IRS has a portal called “Get My Payment”. Here you can get the status of your payment. To do so, you may [...]
An offer in compromise (OIC) is an agreement that a taxpayer can reach with the IRS to settle an outstanding tax debt at less than the full amount under special circumstances. The taxpayer must show that continuing to pay off all that’s owed could be a financial hardship and that merely having more time would [...]
Having coverage through high deductible health plan (HDHP) is a prerequisite for contributing to a health savings account (HSA). Typically, HDHPs require you to exhaust the policy’s deductible before insurance coverage kicks in. However, as part of the nation’s response to the Novel Coronavirus (COVID-19), the IRS has ruled that HDHPs can cover testing for [...]
Tax returns, Tax Court petitions, and other time-sensitive documents are treated as having been timely filed with the government if they are mailed on time (“timely mailed timely filed rule”). Under the common-law mailbox rule, some courts have treated a taxpayer’s testimony that the item was put in the mailbox by the due date as [...]
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