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The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay  Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty…

Amidst the wave of new federal financial awards and grants, the OMB has also issued some key revisions to the OMB Guidance for Grants and Agreements (Uniform Guidance). Some of the most notable changes impact the federal procurement procedures and applicable thresholds.   Federal Uniform Guidance (UG) requires that nonfederal entities must have and use documented…

The IRS is holding over 29 million returns for manual processing. These returns are mainly being held up due to COVID-related tax law changes, processing errors, or fraud detection. The most common reason to date is inconsistencies between the amount of stimulus payments reported compared to the actual amount received by the taxpayers. Unfortunately, the…

In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return…