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The Tax court denied a tax payer clothing donation deduction. Here’s an article that explains why.

Tax Planner Pro Blog: Court Denies Clothing Donations to Goodwill and the Salvation Army His landscaping and janitorial clients gave Mr. Bass men’s, women’s, and children’s clothing. He donated the better clothing to Goodwill and the Salvation Army, claiming clothing tax deductions of $13,852 and $11,594 for the two years before the court.

https://www.cbsnews.com/news/tax-refund-shock-filing-2022-taxes/

#1040

Americans could be in for a tax refund shock next year Many tax benefits instituted during the pandemic have lapsed, which means some people could see smaller refunds.

The will begin accepting individual income returns beginning on Feb. 12th, 2021.

Tax filing season to start Feb. 12, IRS announces The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation.

Big banks took 'free money’ in 2008. They’re turning their backs now on small businesses, SBA official says. In a recent webinar the SBA Nevada district director Joseph Amato responded to growing frustration over large banks' reluctance to quickly offer small business loans under a federally-subsidized loan program.

Attention Chicagoland Small Businesses Owners:
Chase Bank won't be ready to accept Paycheck Protection Program (PPP) applications tomorrow April 3rd as was originally announced.

This is Chase Bank's message as of 4/2/2020 regarding applying for the new Paycheck Protection Program (PPP) that is meant to help small businesses keep their employees on the payroll.

IRS will share details about the economic impact payment as soon as it’s available. The IRS will NOT contact you to ask you to pay a fee or confirm personal information – IT IS A SCAM. Stay informed and spread the word: www.irs.gov/coronavirus

The following email was sent today by the City of Chicago Tax Division providing some relief to businesses. The relief is in the form of deferred tax payments without penalties or interest. However, the relief is for certain taxes and not all!

IRS Issues warning to taxpayer when it comes to picking a tax professional.

IRS: Don’t be victim to "ghost" tax return preparers | Internal Revenue Service IR-2020-17, January 22, 2020 — With the start of the 2020 tax filing season near, the Internal Revenue Service is reminding taxpayers to avoid unethical “ghost” tax return preparers.