EFFIONG CPA PLLC

03/17/2021

https://blog.aicpa.org/2021/03/the-irs-should-move-the-april-15-due-date.html?fbclid=IwAR3yNzbDO5xCGyqWcHrQFFPhrM1zDL3uDZObpYPaIGzd80rPYwhRL8EFHzY .aoMsXUsJ.T7t2NbWi.dpbs

“When a man is compelled to choose one of two evils, no one will choose the greater when he might have the less.” — Plato Well, here we are again — talking about tax busy season. It isn’t because it’s my favorite topic. But it might be one of the...

02/22/2021

What You Need To Know About Coronavirus-Related Distributions Before Filing Your 2020 Tax Return

Why am I getting getting a 10% penalty on my 1099-R when I withdrew fund during Covid? (Form 8915-E)

Use Form 8915-E if you were adversely affected by a qualified 2020 disaster or impacted by the coronavirus and you received a distribution that qualifies for favorable tax treatment.

If you took a qualifying distribution from your retirement plan in 2020, here’s what you need to know before you file your tax return.

02/22/2021

IRAs and coronavirus-related distributions and repayments

The CARES Act includes a provision allowing an eligible individual to take a coronavirus-related distribution(s) from certain retirement plans (including IRAs) through December 30, 2020. In addition to favorable tax treatment on the distribution, the law allows amounts to be repaid to certain retirement plans within three years after having taken the distribution(s). This article has been updated as a result of the IRS’s release of Notice 2020-50 on June 19, 2020.

The CARES Act includes a provision allowing an eligible individual to take a coronavirus-related distribution(s) from certain retirement plans (including IRAs) through December 30, 2020.

02/17/2021

The Power of Smart Business

The business landscape is changing rapidly. In a word, Complexity defines the single greatest challenge, and opportunity, facing business owners.

Organizations are rethinking their strategies for organizational management, customer experience and talent development.

Effiong CPA Business Advisory Services is your source for taking the complexity out of moving your organization into the digital arena — enabling you to focus on growing your business with the smartest business solutions and strategies.

To learn more about our Business Advisory Services please contact us at [email protected] or by calling 1.405.237.8561.

02/15/2021