2020 – 08/21 Did you ask for an extension for your 2019 tax return this year? If so, keep in mind that Oct. 15, 2020 is the last day to file for most people who requested an extension. You can file your return any time before that date if you have all your required tax documents. Contact us for assistance. October isn’t that far away.
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2021 – 01/08 About 8 million second Economic Impact Payments (EIPs) are being sent to taxpayers via prepaid debit card this week, according to the IRS. The mailing of the cards follows the distribution of ”millions of payments already made” by direct deposit and the mailing of paper checks, the tax agency said. Those who…

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2021 – 02/17 The events of the past year have taught business owners many important lessons. One of them is that, when a crisis hits, customers turn on their computers and look to their phones. According to one analysis of U.S. Department of Commerce data, consumers spent $347.26 billion online with U.S. retailers in the…

Teacher Supply Deduction Expanded
2021 – 01/15 A long-standing benefit for some educators gets an update. Eligible K-12 teachers and instructors are entitled to up to $250 annually in an “above-the-line deduction” for certain school-related expenses paid out of their own pockets. Thanks to the new Consolidated Appropriations Act, the list of qualified deductible items has expanded. Now included…

Deductions: Estates and Trusts
2020 – 09/22 Final guidance is available for decedent’s estates and non-grantor trusts on the treatment of certain deductions. The Tax Cuts and Jobs Act prohibits individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for tax years after 2017 and before 2026. The final regulations clarify deductions that don’t fall under that heading,…

IRS Fraud Detection
2022 08/17 Is the IRS successfully combatting business identity theft? The Treasury Inspector General for Tax Administration (TIGTA) recently took a look. In an audit, TIGTA reported that progress is being made by using filters to detect potential fraud, plus conducting prompt reviews of business tax returns with high-dollar refunds. However, it added: “TIGTA continues…

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2022 -05/31 School will soon be out for the summer and many teenagers will be looking for ways to earn money. That’s why the IRS is reminding young workers of their tax responsibilities. New employees must provide employers with a Form W-4 (Withholding Allowance Certificate). If they need help with the form, they can log…

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2021 – 01/08 About 8 million second Economic Impact Payments (EIPs) are being sent to taxpayers via prepaid debit card this week, according to the IRS. The mailing of the cards follows the distribution of ”millions of payments already made” by direct deposit and the mailing of paper checks, the tax agency said. Those who…

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2021 – 02/17 The events of the past year have taught business owners many important lessons. One of them is that, when a crisis hits, customers turn on their computers and look to their phones. According to one analysis of U.S. Department of Commerce data, consumers spent $347.26 billion online with U.S. retailers in the…

Teacher Supply Deduction Expanded
2021 – 01/15 A long-standing benefit for some educators gets an update. Eligible K-12 teachers and instructors are entitled to up to $250 annually in an “above-the-line deduction” for certain school-related expenses paid out of their own pockets. Thanks to the new Consolidated Appropriations Act, the list of qualified deductible items has expanded. Now included…

Deductions: Estates and Trusts
2020 – 09/22 Final guidance is available for decedent’s estates and non-grantor trusts on the treatment of certain deductions. The Tax Cuts and Jobs Act prohibits individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for tax years after 2017 and before 2026. The final regulations clarify deductions that don’t fall under that heading,…

IRS Fraud Detection
2022 08/17 Is the IRS successfully combatting business identity theft? The Treasury Inspector General for Tax Administration (TIGTA) recently took a look. In an audit, TIGTA reported that progress is being made by using filters to detect potential fraud, plus conducting prompt reviews of business tax returns with high-dollar refunds. However, it added: “TIGTA continues…

Summer Jobs & Taxes
2022 -05/31 School will soon be out for the summer and many teenagers will be looking for ways to earn money. That’s why the IRS is reminding young workers of their tax responsibilities. New employees must provide employers with a Form W-4 (Withholding Allowance Certificate). If they need help with the form, they can log…