Individuals

Home|Individuals

IRS relieves penalties for personal and business 2019 and 2020 tax returns

Yesterday, the IRS announced a penalty relief program for personal and business tax returns related to 2019 and 2020 tax years. To qualify for the relief, the tax returns must be filed by September 30, 2022. We note that there is a first time abatement option granted by the IRS and this additional penalty relief

By |2022-08-25T14:16:48+00:00August 25th, 2022|Categories: Business, Individuals|Tags: , , , , |

Tax credits for college students

In the IRS Tax Tip 2022-123, the IRS reminds college students and any taxpayers that might claim them, that there are two education credits available for them: 1. American Opportunity tax credit Worth a maximum benefit of up to $2,500 per eligible student Only available for the first four years at a post-secondary or vocational

IRS increases mileage rate to 62.5 cents per mile

In the IRS IR-2022-124 released on June 9, 2022, the IRS increased the standard mileage rate for the second half of 2022. "The IRS is adjusting the standard mileage rates to better reflect the recent increase in fuel prices," said IRS Commissioner Chuck Rettig. "We are aware a number of unusual factors have come into

By |2022-06-11T16:22:36+00:00June 9th, 2022|Categories: Business, Individuals|Tags: , , , |

Americans abroad – Deadline filing 2021 return (June 15)

The IRS IR-2022-112 reminds Americans abroad (US citizens and resident aliens abroad) that they must file the 2021 tax returns by June 15, 2022. The automatic extension of two months is granted to those living overseas (no even need to ask for an extension as far as your residence is abroad). You might be entitled

By |2022-06-03T18:40:58+00:00June 3rd, 2022|Categories: Individuals|Tags: , , , , , , |

Selling your home? Selling your rental property?

If you are selling or thinking of selling your home or rental property, the IRS has special resources to keep into consideration. Selling your home You can claim a capital gain exclusion of up to $250,000 (single) or $500,000 (married filing jointly), if you owned the home and lived in the main home for the

By |2022-06-03T16:20:40+00:00June 3rd, 2022|Categories: Individuals|Tags: , , , , , |

Wedding summer season starting soon – Tax implications

In the IRS Tax Tip 2022-77, the IRS lists some of the tax changes that might occur when a couple gets married. Change on the filing status - married filing jointly or separately (previously single, head of household, or widower) - The tax brackets and standard deduction change You might want to consider changing /

By |2022-05-23T20:50:13+00:00May 23rd, 2022|Categories: Individuals|Tags: , , , , , |

The IRS destroyed over 30m paper returns

According to a new report from the Treasury Inspector for Tax Administration, the IRS would have destroyed more than 30 million paper returns due to the backlog. Note that this was an intentional decision and the IRS has communicated that there should be no repercussions to the taxpayers. However, the IRS might request additional documentation

By |2022-06-01T03:26:28+00:00May 11th, 2022|Categories: Business, Individuals|Tags: , , , , |

IRS reminds to report gig economy, crypto, foreign income and assets

In the IR-2022-45, the IRS reminds taxpayers of their reporting and potential tax obligations from working in the gig economy, making virtual currency transactions, earning foreign-source income or holding certain foreign assets. Gig economy earnings are taxable Generally, income earned from the gig economy is taxable and must be reported to the IRS. The gig

By |2022-03-12T18:01:10+00:00March 12th, 2022|Categories: Individuals|Tags: , , , , , , , , , |

IRS suspends mailing of additional letters and plans hiring of 10,000 full time workers

In early February, the IRS announced the suspension of more than a dozen additional letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return. As the IRS goes into the 2021 tax season, there are still

By |2022-03-05T03:54:00+00:00March 4th, 2022|Categories: Business, Individuals|Tags: , , , , , , , |

Check your mail for IRS letters 6419 (advance child credit) and 6475 (Third stimulus)

Advance child tax credit payments letter can help people get remainder of 2021 credit To help taxpayers reconcile and receive all the 2021 child tax credits to which they are entitled, the IRS started sending Letter 6419, 2021 advance CTC, in late December 2021 and will continue into January. This letter includes the total amount

By |2022-02-23T21:29:02+00:00January 25th, 2022|Categories: Individuals|Tags: , , , , , , , , |
Go to Top