New MeF Business Returns Schemas and Business Rules are available. For these people, now is the time to switch and file electronically. Taxpayers should complete their tax returns and file on or before the October 15 deadline. Whether it's already there or on the way, the payment brings questions from many people. The $57,700 lunch turned out to be an excellent investment that led to a friendship and, ultimately, a business partnership. If your Alabama income tax return for your fiscal year ending during 2019 is due on April 15, 2020, whether that is the original due date or the extended due date, your due date for filing is postponed to July 15, 2020. Pinpoint what you’ll need in retirement and your time frame until that day, and derive what to expect from your 401(k) from that. I've paid estimated taxes for almost as long as I've filed taxes. Taxpayers should remember to file or request an extension of time to file and pay any taxes they owe by the July 15 deadline to avoid penalties and interest. The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning January 1, 2021. Palantir released its Gotham software platform in 2008, which is the platform that primarily focuses on providing data analytics solutions to the U.S. government's intelligence and defense sectors.The company also provides non-government organizations with solutions to manage large disparate data sets in an attempt to gain insight and drive operational outcomes.Palantir's stock debuted Sept. 30 at $10 a share and trades around $28 at time of publishing; 78% of Benzinga investors said Palantir would reach $50 per share by the end of 2022.Traders and investors who participated in our study said Palantir's stock will increase off new and continuing partnerships with the U.S. government and defense-related projects. Taxpayers have a variety of options to consider when paying federal taxes. The U.S. Department of Labor released its first round of guidance on the Families First Act. The order which includes an expanded list of items to reopen will be effective Monday, May 11, 2020 and will expire on Friday, May 22, 2020 at 5:00 p.m. Victims of Hurricane Sally that began on September 14 now have until January 15, 2021 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. His target implies an upside of 27% on the one-year time frame.Norwegian is another cruise line with a Moderate Buy from the analyst consensus. The EO Update is a periodic newsletter with information for tax-exempt organizations and tax practitioners who represent them, from Exempt Organizations (Tax-Exempt and Government Entities Division) at the IRS. The Governmental Accounting Standards Board (GASB) today proposed to postpone the effective dates of provisions in almost all Statements and Implementation Guides due to be implemented by state and local governments for fiscal years 2019 and later. The Internal Revenue Service today reminded business taxpayers that their 2019 tax returns and tax payments, as well as their first two 2020 estimated tax payments, are due on Wednesday, July 15. Camping World will train its mechanics on the new truck, and provide garage floor space for Lordstown’s customers. The Alabama Law Enforcement Agency is modifying its Driver License Division’s statewide operations in response to the Coronavirus (COVID-19). With the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when a refund will be issued. Visit Alabama Interactive for online filing of Form 40ES Estimated Tax. The bill, the Small Business Expenses Protection Act of 2020, S. 3612, is currently in the Senate Finance Committee and is supported by the AICPA. The first quarter estimated tax payment for 2020 was originally due April 15, 2020, and the second quarter payment was originally due June 15, 2020. These advantages don’t mean that the company has avoided the storm. Notice 2020-52 clarifies the requirements that apply to a mid-year amendment to a safe harbor 401(k) or 401(m) plan that reduces only contributions made on behalf of highly compensated employees. The Internal Revenue Service (IRS) today issued Notice 2020-75 PDF, which announces rules to be included in forthcoming proposed regulations. Governor Kay Ivey and the Alabama Department of Revenue announced today that the state income tax filing due date is extended from April 15, 2020, to July 15, 2020. Newman points out that the results "showed statistically significant improvement in multiple signs and symptoms in the moderate to severe patient population." The election is settled, Congress will be split so narrowly that major legislative initiatives are unlikely, and the long-awaited COVID vaccines are starting to enter circulation. These transactions are designed to provide capital for companies looking to enter the public market. Best of all, most of these resources are available online at IRS.gov. Failing to renew them by the end of this year will cause refund and processing delays in 2019. The American Institute of CPAs is recommending a defined set of documents for lenders to rely on as well as some key clarifications in the Treasury Department and Small Business Administration’s Paycheck Protection Program (PPP) application process. Whether you make estimated tax payments or rely on withholding, you could be hit with a penalty if you don't pay enough tax throughout the year. L. 115-97 (131 Stat 2054), enacted on December 22, 2017. All taxpayers who file Form 2290 are encouraged to do so electronically. The Alabama Department of Revenue would like to remind taxpayers to be vigilant about protecting their personal and financial information. If the 15th falls on a Saturday, Sunday, or State holiday, the due date will then be considered the following business day. People experiencing homelessness may be eligible for a $1,200 Economic Impact Payment and $500 for each qualifying child under age 17. Another three tax benefits show up in the government spending bill attached to the package. Governor Kay Ivey on Wednesday issued her twentieth supplemental emergency proclamation extending the Safer at Home Order that includes a statewide mask requirement. More information is available at, https://www.taxadmin.org/state-tax-agencies, COVID-19 relief bill addresses key PPP issues, ALDOR Issues Guidance for Emergency Tax Relief Measures, AICPA discusses PPP2 in the latest town hall meeting, Initial Observations to CARES Act Provisions layered with Governor Ivey’s Proclamation, HILL TAX BRIEFING: Bipartisan Group Floats Route to Aid Deal, Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions, Governor Ivey Signs Emergency Proclamation to Address Tax and Economic Development Issues Delayed Due to COVID-19 Pandemic, ALDOR Updating Instructions and Guidance for Certain Returns, Surprise Proclamation Exempting CARES Act Benefits and Extending Sunset Dates on Two Major Tax Incentives, IRS: Volunteers needed for free tax prep help, Governor Ivey Extends Safer at Home Order, IRS provides guidance on legislation that increases automatic enrollment cap percentage and eases burdens for certain safe harbor plans, IRS has begun sending letters to taxpayers that may need to take action related to Qualified Opportunity Funds, Treasury and IRS issue final regulations on the deduction for qualified transportation fringe and commuting expenses, Identity Protection PIN Program will soon be available to taxpayers nationwide, Get Ready for Taxes: What’s new and what to consider when filing in 2021, Internal control focus critical as a result of pandemic changes, IRS warns people about a COVID-related text message scam, Highlights from the 2020 National Tax Security Awareness Week, AICPA and trade associations ask Congress to fix PPP loan deductibility, National Tax Security Awareness Week, Day 5: Security Summit alerts tax professionals to potential telework scams during COVID-19, urges all practitioners to use multi-factor authentication. 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