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IRS reminder – Independent contractors vs employees

As part of the Issue Number: IR-2021-186 and , the IRS reminded business owners the differences between independent contractors and employees. Independent contractor vs. employee Whether a worker is an independent contractor or an employee depends on the relationship between the worker and the business. Generally, there are three categories to examine: Behavioral Control −

By |2021-09-27T19:47:19+00:00September 27th, 2021|Categories: Business|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: , , , , , , , , |

Employee Retention Credit – Eligibility and Processing – Update August 2021

In August 2021, there have been several updates to the Employee Retention Credit guidance plus the National Conference of CPA Practitioners was extremely critical with some of this recent guidance. As you can read on this post, there are still different areas of this tax credit that are litigious and unclear for tax professionals. We

By |2021-08-20T17:28:09+00:00August 20th, 2021|Categories: Business|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: , , , , , , , , |

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: , , , , , |

Big refund or money due at tax time? Try the IRS withholding estimator

The IRS is providing more and more tools for the taxpayers to access their information online, calculate Child tax credit, or estimate their w2 withholdings (employees). The withholding estimator is a series of questions (it is a long process as it is really detailed), but it might help you estimate your w2 withholdings better. If

By |2021-07-13T18:41:52+00:00July 19th, 2021|Categories: Individuals|Tags: , , , , , |

IRS reminds us good tax planning requires good recordkeeping

The IRS in their COVID Tax Tip 2021-89 communication reminds us that "The first step of good tax planning is good recordkeeping."  We always recommend to 1) use checks, credit cards and debit cards for your expenses, so there is no need of keeping all the bills and invoices, 2) do not commingle - separate

By |2021-07-13T18:11:54+00:00July 13th, 2021|Categories: Business|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: , , , , , |

Missed the May 17 deadline to file and pay taxes?

If you missed the May 17, 2021 deadline, you might have filed an extension and you will be in one of the following scenarios: 1) If an individual taxpayer is owed a refund, there’s no penalty for filing late. If you are getting a refund, file as soon as possible as US taxpayers lose over

By |2021-05-19T21:37:09+00:00May 19th, 2021|Categories: Individuals|Tags: , , , , , , |

How to check the status of your federal tax return

Taxpayers can access the Where's My Refund? tool two ways: Visiting IRS.gov  - https://www.irs.gov/refunds Downloading the IRS2Go app To use the tool, taxpayers will need: Their Social Security number or Individual Taxpayer Identification number Tax filing status The exact amount of the refund claimed on their tax return The tool displays progress in three phases: Return

By |2021-05-19T21:23:11+00:00May 19th, 2021|Categories: Individuals|Tags: , , , , , |
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