Tax Filing and Tips Tax Relief

2020 Tax Deadline Changes, Penalties and Interest

FEDERAL INCOME TAX FOR INDIVIDUALS DUE MAY 17, 2021 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 […]

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Parsons CPA announces Senior Manager

Charlotte, NC: The Executive Team at Parsons CPA, PLLC is proud to announce the promotion of Jonathan M. Hardin, CPA to Senior Manager. After a painstaking year, businesses are finding a guiding light through the 2020 fog by utilizing qualified tax and financial professionals. Jonathan and the team at Parsons CPA say they have been […]

Retirement Planning Tax Relief

2020 Required Minimum Distribution Reversal

The IRS is providing relief to taxpayers who had already taken RMDs in 2020 before the CARES Act suspended the RMD requirement in response to the coronavirus pandemic and its effect on taxpayers and the stock market. What you need to know: Anyone who already has taken an RMD in 2020 from certain retirement accounts […]

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New Federal Reserve Stimulus Programs Explained

Main Street Lending Program Small and medium-sized businesses are finally getting some much-needed help from the Federal Reserve. The main street facility is the latest of the Fed’s measures to support the economy through this crisis. Some investors believe that the monetary and fiscal backstop will help the economy recover enough to keep the stock […]