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Extended tax benefits for charity during 2021; deductions up to $600 cash donations by non-itemizers

In the IRS Issue Number: IR-2021-190, there are some updates for those taxpayers giving to charity in 2021. Some of these updates are below: Deduction for individuals who don’t itemize; cash donations up to $600 qualify Ordinarily, individuals who elect to take the standard deduction cannot claim a deduction for their charitable contributions. The law

By |2021-09-21T00:02:43+00:00September 21st, 2021|Categories: Individuals|Tags: , , , , , |

IRS tax relief available for PA

In the IRS Issue Number: IR-2021-183, the IRS extended the tax relief for hurricane Ida to victims in Pennsylvania. This is consistent with the tax relief provided to victims in New Jersey and New York as we published in our previous post. Victims of Hurricane Ida in parts of Pennsylvania now have until Jan. 3,

By |2021-09-20T23:01:30+00:00September 13th, 2021|Categories: Business, Individuals|Tags: , , , , |

IRS disaster relief – Hurricane Ida – NJ and NY

Based on the IR-2021-179 release, victims of Hurricane Ida in parts of New York and New Jersey now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced on 9/8/2021. The IRS is offering relief to any area designated by the Federal Emergency

By |2021-09-10T18:50:06+00:00September 10th, 2021|Categories: Business, Individuals|Tags: , , , , , , , , |

Child Tax Credit Updates – Letter 6419, Change deadline Aug 30, etc.

On the Issue Number: IR-2021-171, the IRS announced the launch of a new feature allowing any family receiving monthly Child Tax Credit payments to quickly and easily update their mailing address using the Child Tax Credit Update Portal Additionally, the IRS will mail a year-end summary statement (Letter 6419) to all taxpayers who have received

By |2021-08-25T09:43:08+00:00August 25th, 2021|Categories: Individuals|Tags: , , , , , , |

What to do when you get an IRS notice

Our advice to our clients is to provide us the notice from the tax authority as soon as they receive it, so we can review it, check your tax returns and other tax records and either explain in plain English the letter to the taxpayer or reply to the IRS notice. In some cases, we

By |2021-08-20T11:46:01+00:00August 18th, 2021|Categories: Individuals|Tags: , , , , , , , , |

Unemployment fraud and how to avoid identity theft

During the pandemic, the news and newspapers have reported billions of dollars stolen through unemployment fraud and identity theft. Axios reported, “Unemployment fraud during the pandemic could easily reach $400 billion, according to some estimates, and the bulk of the money likely ended in the hands of foreign crime syndicates—making this not just theft, but

By |2021-08-19T16:50:12+00:00August 14th, 2021|Categories: Individuals|Tags: , , , , , |

Common questions about the advance child tax credit payments

In the COVID Tax Tip 2021-117, the IRS reminds and clarifies advance child tax credit information to the taxpayers. Note that the advance child tax credit is an early payment on potential tax credits (these are estimates) to be claimed on their 2021 tax return during the 2022 tax filing season (January to April 2022).

By |2021-08-12T15:19:58+00:00August 12th, 2021|Categories: Individuals|Tags: , , , |

IRS Taxpayer Bill of Rights

As part of the IRS Tax Tip 2021-112, the IRS reminded the taxpayers their Bill of Rights. We highly recommend reaching out to a tax professional once you get a notice from any tax authority to ensure it is address on a professional and timely matter. We noted that some of the notices received by

By |2021-08-19T11:18:26+00:00August 5th, 2021|Categories: Individuals|Tags: , , , , , |

Are you a student getting a summer job?

In Tax Tip 2021-108, the IRS reminded students and first time employees some important considerations. New employees: Employees (w2) – including those who are students – normally have taxes withheld from their paychecks by their employer. When anyone gets a new job, they need to fill out a Form W-4, Employee's Withholding Allowance Certificate, and

By |2021-08-13T12:06:45+00:00July 28th, 2021|Categories: Individuals|Tags: , , , , , , , |

NFTs – Tax consideration and complex valuations

Nonfungible tokens (NFTs) have been in the news since artist Beeple sold an NFT for around $70 million in March 11, 2021. The Wikipedia definition is: "A non-fungible token is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs

By |2021-08-19T10:23:58+00:00July 22nd, 2021|Categories: Individuals|Tags: , , , , , , |
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