The 2021 tax landscape was filled with headlines about new, possible, and pending legislation. When the year ended, taxpayers were left with many questions about what taxes would look like in 2022. For now, the Build Back Better Act is on hold, and many provisions...
January 1 signaled the start of the new year as well as the start date for a number of new laws, rules, and regulations. Among them is one that will impact business owners utilizing third-party network payment providers, such as PayPal, Venmo, and Zelle....
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....
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...
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...
New Jersey and New York have extended the filing deadline to May 17, 2021, following the IRS. Only a small number of states have not extended their filing deadline. First quarter estimated taxes are still due on April 15th....
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...
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....
Form W-4 used to be a relatively simple and straightforward form to complete. However, the form has been changed as a result of the passing of the TCJA back in late 2017. This post walks you through how to complete your W-4 accurately for the...
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....
