Aug 25 The Inflation Reduction Act: What Does It Contain?
On August 12, Congress passed the Inflation Reduction Act, over 700 pages of economic changes. What does the act do? And just as important, what does it not do?...
May 19 9 Ways To Avoid an IRS Audit
While you cannot fully control whether the IRS audits you come tax season, there are measures you can take in an effort to lower your chances of being audited. It all starts with hiring a reputable tax accountant. If you prefer to file your own...
May 19 IRS Notices CP2100 and 2100A Help Payers Correct Backup Withholding Errors
The IRS sends CP2100 and CP2100A notices twice a year; an initial mailing in September and October and a second mailing in April of the following year. The notices inform payers that the information return is missing a Taxpayer Identification Number (TIN), has an incorrect...
May 06 IRS Presents Filing Tips for 2022
The IRS is encouraging taxpayers to make sure they're well-informed about their tax situation as the filing deadline approaches. The key topics include special steps related to charitable contributions, economic impact payments and advance child tax credit payments. Here are some key items for taxpayers...
May 06 Special Tax Rules for Rehiring Staff
If you find yourself short-staffed, there's no harm in calling a former employee who has retired. You won't jeopardize your pension plan's tax status if you rehire retirees. Nor is it a problem if you permit distributions of retirement benefits to employees who hit the...
Feb 11 IRS Allows Electronic Filing of Form 1040-X
The IRS has announced that taxpayers can now file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products. This form is used to amend various versions of Form 1040....
Jan 19 Venmo, PayPal, and other cash apps required to report payments to the IRS
Starting January 1, 2022, Venmo, PayPal, Zelle, and Cash App are required to report payments for goods and services of more than $600 to the IRS. Prior to 2022, these platforms were required to report on Form 1099-K to the IRS payments for goods or...
Jan 19 Lookout for IRS letters in January
With preparations for the next tax season starting there is something important you should be aware of. The IRS will be sending out two letters to taxpayers in January: Letter 6419 - Advance Child Tax Credit Payments Letter 6475 - Economic Impact (stimulus) Payment It is important that you...
Nov 11 IRS Clarifies Deductible Expenses
Updated IRS rules offer guidance for deductible expenses which may have been murky as a result of the Tax Cuts and Jobs Act.
The rules being updated involve using optional standard mileage rates when figuring the deductible costs of operating an automobile for business, charitable, medical...
Jan 29 What To Know About Getting a Tax Refund
When should you revise your tax withholding? If you receive a large refund from the IRS when filing your income tax return, or owe the IRS a substantial amount when filing, you should consider adjusting your withholding....