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With Oct. 15 Looming, Some Practitioners Face Daunting Challenges

In the spring, as the COVID-19 pandemic swept the globe, the IRS took action to extend a wide variety of filing deadlines. Taxpayers and tax practitioners both needed the extra time, as offices across the country shut down, quarantining took effect, and many people became sick.

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Nonfilers Have Until Nov. 21 to Apply for Economic Impact

The IRS is giving individuals who do not normally file a tax return and have not received an economic impact payment an additional five weeks to enter their information on the Non-Filer: Enter Payment Info Here tool on the IRS website. The new deadline is midnight Nov. 21, which the IRS says is the latest it can push the deadline without affecting the upcoming filing season (IR-2020-229).

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World Changing Ideas

In the next 10 years, key technologies will converge to completely disrupt the five foundational sectors—information, energy, food, transportation, and materials—that underpin our global economy. We need to make sure the disruption benefits everyone.

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Road so Far

The Wall Street Journal reports the U.S. Small Business Administration (SBA) will begin forgiving Paycheck Protection Program (PPP) loans sometime this week according to a statement made by the U.S. Treasury Department last Tuesday1. The declaration comes following complaints from banks and borrowers alike that the process for application has been tenuous at best since the portal launch in August which has subsequently logged some 96,000 applications.

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Cybersecurity Awareness Month 2020

The COVID-19 pandemic affected our digital lives in in previously unfathomable ways. This spring, workers moved out of office buildings and established workplaces in their homes, conducting “business as usual” from makeshift desks and repurposed spaces. At their side, school-age children were attempting to plug into virtual learning environments. Birthday parties and game nights evolved into online events and telemedicine became the norm.

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4 Choices in Life Separate the Doers From the Dreamers

Ever read something Warren Buffett said or did and mumble to yourself, "Why didn't I think of that?" Outside of Buffett's mastery of investing, his down-to-earth wisdom is not only legendary but we all nod in agreement with the simple and yet profound effect it has on our lives. Take, for example, the advice below. Common sense, yes. But to many of us, it's not common practice. That is, until we become believers that the principles actually work. All you need to do is act on them with positive intent.

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Hispanic Small Business Town Hall

In times of crisis, your leadership is even more critical to your company's success. That's according to the small-business advocates on Wednesday's Hispanic Small Business Town Hall. The session, which focused on the topic of leadership, was the third in a series of streaming events hosted by Inc. and Hello Alice during Hispanic Heritage Month. The event was moderated by Hello Alice CEO and co-founder Carolyn Rodz.

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IRS Identity Protection PIN Goes Nationwide

Last year, the IRS expanded its voluntary program which allows taxpayers who are not currently victims of tax return identity theft to obtain an identity protection personal identification number (IP PIN) to seven additional states, including Michigan. In a memo to tax professionals last week, the IRS announced that it will be expanding that program nationwide beginning January 2021.

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IRS Issues Guidance on CCH Outage

Due to a software glitch, the Wolter Kluwer CCH system suffered an outage on Sept. 15, which caused many taxpayers to miss an important tax filing deadline. The Sept. 15 deadline applied to several federal taxpayers including S Corporations, and partnerships that requested a six-month extension due to coronavirus setbacks.

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HFA Announces 2020-21 Omnibus Budget

Last week, the Michigan House Fiscal Agency released the 2020-21 omnibus budget analyses. The breakdown of the budget, so far, includes $17.65 billion for the School Aid Fund and $45.1 billion for the general omnibus budget, totaling $62.75 billion for the coming year, The Detroit News reports. While the general omnibus bill included $270 million in reductions from the year prior, the same is not true for education.

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