2022 – 06/27 Summer is officially here, and for some taxpayers, that might bring new tax implications. Newlyweds should contact several agencies to update their information. Parents who send their dependent kids (under age 13) to summer day camp may be able to deduct it as a work-related expense. Taxpayers who work summer or part-time jobs may not earn enough to owe federal tax, but they should still plan to file a tax return. Gig economy workers, such as ride share or delivery drivers need to find out how their work affects their taxes. For example, are they employees or independent contractors who will need to make estimated tax payments? For details on these topics, visit:
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IRS Notices
2022 – 03/28 As the IRS continues to work through a backlog of unprocessed returns, Congress and tax professionals have pressured it to stop sending delinquent return and collection notices. Many taxpayers receiving such notices have already filed tax returns but the IRS hasn’t processed them yet. On March 25, the IRS announced it will…
IRS Collection Processes Begin July 15th
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….
What Taxes do Gig Workers Pay?
2022 – 07/18 If you’re a “gig worker” or freelancer, your tax obligations are different from an employee’s. You’re considered self-employed, so clients don’t withhold taxes from your payments. But even if they don’t send you information returns (such as Form 1099-K), you owe tax on that income. Gig workers may have to pay quarterly…
The Restaurant Revitalization Fund is now live
2021 – 05/05 The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it — especially smaller, privately owned businesses in economically challenged areas. In response,…
Where’s My Refund
2022 – 04/28 Are you waiting for a federal tax refund? Be patient. Most taxpayers who e-file and choose direct deposit receive refunds they’re owed within 21 days. However, as a recent IRS Tax Tip explains, several things might delay it. These include errors, incomplete forms and identity theft. Also, if you require a correction…
Homeowners Assistance Fund
2021 – 11/09 Tax guidance is available for those who received federal mortgage payment assistance from the Homeowners Assistance Fund (HAF). The HAF, part of the 2021 American Rescue Plan Act, is intended to mitigate housing-related financial hardships caused by the pandemic. The program provides funds to entities to assist homeowners in danger of mortgage…