Greenback Taxes & Financial Services Inc.

A 2008 study found that 40% of people have experienced some sort of financial loss due to procrastination. - Putting off that call to your mortgage broker can mean paying higher mortgage payments for the life of your home loan. - Failing to make that 60-second call to HR could mean missing out on the 50% company match into your 401k. - Delaying that call to your tax professional could mean paying penalties to the IRS (ahem...).... Do just about anything late with regards to the IRS, and you will most certainly take a financial hit in the form of penalties, accumulated interest, lost tax credits, etc. If you're procrastinating on dealing with any tax matters in particular, take the bull by the horns right this second -- yes, right now -- and schedule a meeting with us to get things taken care of.

If you received any unemployment compensation in 2020, you should have received a Form 1099-G to report this income. The IRS wants us to remind you to double check that form and make sure it's correct, as there have been some issues in this arena. On the flip side, if you did not receive unemployment in 2020 but received a 1099-G from the state for it, that's also a problem. Unfortunately, there has been a high level of unemployment fraud in the past year because of the increased benefit payments. You're definitely going to want to contact the state unemployment insurance office to get this corrected.

If you're a restaurant owner that rode the struggle bus hard this past year, there's good news. Monday kicked off the opening of the new Restaurant Revitalization Fund from the SBA. During the first 21-day application window, priority will be given to businesses owned by women, veterans and socially and economically disadvantaged businesses. After 21 days, other business applications will be considered. If approved, the government will match loss of revenue up to $10M with the caveat that the funds be used for allowable expenses by no later than March 11, 2023.

If you live in Alabama, Kentucky, Louisiana, Oklahoma, or Texas ... you've got extra time to file your taxes. If you live anywhere else, the deadline to file is approaching quickly.

If you owe money to the IRS and have significant income or assets, the IRS is going to do everything they can to squeeze every last dime out of you. But if your income falls below the Allowable Living Expenses (ALE) line, you can be placed into what they call Currently Not Collectible status (CNC).