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Announcements
IRS issues renewed warning on Employee Retention Credit claims
IR-2023-40, March 7, 2023
WASHINGTON — The Internal Revenue Service today issued a renewed warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file.
The IRS and tax professionals continue to see third parties aggressively promoting these ERC schemes on radio and online. These promoters charge large upfront fees or a fee that is contingent on the amount of the refund. And the promoters may not inform taxpayers that wage deductions claimed on the business' federal income tax return must be reduced by the amount of the credit.
Read more ...IRS increases mileage rate for remainder of 2022
WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.
Read more ...2022 Tax Filing Season Begins January 24, 2022
WASHINGTON − The Internal Revenue Service announced that the nation's tax season will start on Monday, Jan. 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns.
Read more ...IRS to send letters to taxpayers in January
The IRS has notified tax preparers around the country to let their clients know that they will be sending two letters out in January 2022.
Read more ...News
The Secret to a Quick Tax Refund
Here's how to get your overpayment as soon as possible
Delayed tax refunds, penalties for not filing 2020 tax returns on time that were actually filed on time, and timely tax payments being flagged as late are just some of the headaches taxpayers are grappling with due to a massive backlog of several million unprocessed tax returns the IRS is trying to wade out from under.
Read more ...Read the Fine Print
According to a recent Deloitte survey, 91 percent of people agree to terms and conditions without reading the legal agreement. While reading through legally complex language may be slow and painful, it’s more important than you think. Here are four reasons why reading entire legal agreements make sense:
Read more ...Tax Saving Tips for Parents AND Grandparents
Leveraging the kiddie tax rules
With careful tax planning, you can use the kiddie tax rules to reduce your tax obligation. Here’s what you need to know.
Read more ...Review Financial Decisions When Interest Rates Change
Interest rates are expected to increase this year in response to inflation that is running at a 40-year high. How will you be affected?
Any interest rate revision can cause a ripple effect throughout the economy. Accordingly, the Federal Reserve’s actions probably will exert at least a moderate influence over financial choices that you may make at home and in your business in 2022 and beyond.
Read more ...COVID-19
Are you still waiting for your refund?
IRS recently released an operational staus update. This update (found below) addresses some of the reasons that you may not have received your refund yet. In a normal year many of these things are done behind the scenes and are not noticed by the taxpayer. However, the service has not yet fully recovered from the effects of COVID-19 on their operations.
Read more ...Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline [UPDATE]
IR-2021-59, March 17, 2021
WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
Read more ...The American Rescue Plan of 2021
The following is a summary of a few of the key provisions in the American Rescue Plan that was signed by President Biden on March 11, 2021. Check back for updates as we learn more...
Read more ...Main Menu
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Weekly Tax Tip
20 March 2023
Weekly tips to help you better understand tax and financial situations.-
Audit Target: The Sole Proprietor
Often the #1 target of IRS audits, sole proprietors need to be prepared with good records. Here are some tips.
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The Marriage Penalty is Alive and Well
Whether you're changing your filing status in 2022 because of marriage, divorce or another event (or it's staying the same), understanding how the marriage penalty works is key for your tax planning.