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There's still time before the tax deadline to look into these financial relief options from the IRS. The People First Initiative was introduced in March and offers assistance for taxpayers until July 15th.

Wednesday Wisdom

As a reminder to those who have not yet filed their 2019 tax returns, July 15 is the due date to either file a return (and pay the taxes owed) or file for an additional three-month extension (and pay an estimate of the taxes owed). It's also the last day to file for a refund from a 2016 return.

The coronavirus pandemic has shaken things up across the board - and every small business owner has experienced it firsthand. There are many challenges that have accompanied COVID-19, but there are also some opportunities to pivot in this new "normal." Here are a few to keep your eye on.

As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal IRA withdrawals and the decision whether to take advantage of the required minimum distribution suspension for 2020.

The IRS has made it possible for employees to donate their unused paid vacation time, sick leave and personal time off as a donation to qualified charities that are providing COVID-19 relief. Check with your employer to see if they are participating and for more details.

It is not uncommon to discover that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after a tax return was already filed. Regardless of whether the oversight will result in more tax due or a refund, it should not be dismissed and an amended tax return should be filed.

If you are like most Americans, you receive tons of junk mail, which you tend to discard without ever reading. Well, if you haven't already received your stimulus payment from the feds, you may want to be a little more careful about what you consider to be junk mail.

Congress has stepped in to simplify the Paycheck Protection Program loan forgiveness provisions by passing the Paycheck Protection Program Flexibility Act of 2020, which has greatly liberalized the forgiveness qualifications.

Some taxpayers get a little creative with their tax returns or fudge on deductions a little. They sometimes overlook that they sign a tax return under penalty of perjury - and if caught, there can be very unpleasant consequences.