2021

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IRS will waive failure to pay penalties for 2020 or 2021

On January 10th, 2024, the IRS communicated that will remove/waive failure to pay penalties on unpaid taxes less than $100k for tax years 2020 or 2021. The rational for this removal of penalties is because the IRS suspended sending automated notices during the pandemic so certain taxpayers were not aware of any amounts due for

By |2024-01-24T16:49:28+00:00January 14th, 2024|Categories: Business, Individuals|Tags: , , , , , , |

Get ready for tax season – IRS recommendations

The IRS has released the Tax Tip 2021-186, with some recommendations on how to get ready for tax season. Publication 5348 - Get ready to file Protect your data Securely access your individual tax information Get tax information in your preferred language Check your ITIN Prepare to file electronically Get ready to direct deposit your

By |2021-12-16T18:16:55+00:00December 16th, 2021|Categories: Individuals|Tags: , , , , |

Advance Child Tax Credit for 2021

From this summer (2021), there will be significant changes to the Child Tax Credit. Instead of paying the tax credit when the tax return is filed (usually as a tax refund to the taxpayer), the IRS plans to make advance monthly payments beginning July 15, 2021. You will claim the other half when you file

By |2021-06-24T16:37:57+00:00June 24th, 2021|Categories: Individuals|Tags: , , , , , |

IRS Estimated tax payments are due April 15 (Also, C Corp filing)

The IRS is reminding taxpayers that the 2021 estimated tax payments are due on April 15, 2021 as the estimated tax payments were not extended. Note that they were extended in prior year tax period. As a result, some taxpayers might be confused on this year's due date for estimated tax payments. Additionally, the tax

By |2021-04-08T16:53:43+00:00April 8th, 2021|Categories: Business, Individuals|Tags: , , , , , |

IRS guidance for employers claiming the Employee Retention Credit 2021 Q1 Q2

The IRS provided additional guidance for the Employee Retention Credit for the first two quarter of 2021. The IRS notice addresses some of the changes from 2020 Employee Retention Credit. From the Journal of Accountancy's article, "... As a result of the changes made by the Consolidated Appropriations Act, eligible employers can claim a refundable

By |2021-04-19T01:35:17+00:00April 4th, 2021|Categories: Business|Tags: , , , , |

Paid sick leave credit and family leave credit

The paid sick and family leave credits, which previously were available only until the end of 2020, have been extended for periods of leave taken through March 31, 2021. The IRS has released IR-2021-26 to provide more clarity on this topic. See link to FAQs below. The following information was released through the IRS Newswire

By |2021-01-30T22:55:23+00:00January 30th, 2021|Categories: Business|Tags: , , , , , , , |
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