2021 – 07/12 Reminder: The IRS will soon be resuming certain collection and enforcement processes that had been suspended because of the COVID-19 pandemic. Some of these processes will start up again on July 15. For example, the IRS will begin to levy certain assets through various programs with other government agencies on that date. That means the IRS can collect a taxpayer’s overdue taxes through a levy on certain federal payments, state tax refunds or city/municipal tax refunds. The revoking of passports for “seriously delinquent tax debt” will also resume on July 15. Individuals with seriously delinquent tax debt are generally defined as owing more than $54,000 in back taxes, penalties and interest.
Similar Posts
IRS Penalty Relief for Employers
2021 – 04/14 The IRS has provided additional penalty relief for employers who failed to timely deposit employment taxes because their deposits were reduced in anticipation of various employment tax credits. This IRS guidance specifically extends penalty relief provided by various COVID-19-related legislation to these three credits: 1) paid sick and family leave credits with…
CPA | Money | Planning | Wealth Advisor
The Financial and Emotional Impact of Sudden Wealth
Whether it’s from an inheritance, settlement, divorce, a major sale, initial public offering (IPO) of your business or winning the lottery, most people would agree coming into a large sum of money is a good problem to have.
Providing education assistance to employees? Follow these rules
2021 – 05/03 Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of…
Scam Alert: Text Messages and Economic Impact Payments
2020 -12/09 Beware of a new text message scam, warns the IRS and its security partners. The COVID-19-related scam tells unwary taxpayers that they qualify for a $1,200 Economic Impact Payment. Here’s how the scam works: Taxpayers get a text which states they’ve “received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further action…
Social Security and Medicare Taxes
2020 – 08/10 In an executive order, President Trump directed that Social Security and Medicare taxes be deferred from Sept. 1 through Dec. 31, 2020. There are still many questions that are unanswered about how this will work and there may be legal challenges. At this point, the taxes are just deferred, meaning they will…
The many uses of a SWOT analysis
2021 -02/10 Using a strengths, weaknesses, opportunities and threats (SWOT) analysis to frame an important business decision is a long-standing recommended practice. But don’t overlook other, broader uses that could serve your company well. Performance factors A SWOT analysis starts by spotlighting internal strengths and weaknesses that affect business performance. Strengths are competitive advantages or…