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Updates to the 2021 S Corporation forms

As you might be aware, there have been new requirements in the 2021 filings for the S Corporations. In the last few years, new tax requirements have been issued just before tax season or during tax season, giving tax preparers little time to comply with the new disclosure or tax processing for those returns. Disclosure

By |2022-01-04T12:09:42+00:00January 4th, 2022|Categories: Business|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: , , , , |

Is this charity a scam/fraud? Use the IRS tax exempt tool

Are you unsure about a charity? Do you suspect it might be a scam or fraudulent organization? You can use the IRS Tax Exempt Organization Search tool and search the organization using 1) EIN or 2) organization name, plus other fields (i.e. State, City, etc.). Some key features and functions of this tool: It provides

By |2021-11-16T05:39:48+00:00November 16th, 2021|Categories: Business, Individuals|Tags: , , , , , , , |

IRS provides tax inflation adjustments for tax year 2022

In the Issue Number: IR-2021-219, the IRS announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. The tax items for tax year 2022 of greatest interest to most taxpayers include the following dollar amounts: The standard deduction for married couples filing

By |2021-11-15T19:50:10+00:00November 13th, 2021|Categories: Individuals|Tags: , , , , , , |

Closing your business? Communicate with tax authorities

If you are closing your business, you need to communicate to the tax authorities (Federal, State and local) which requires filing a final tax return, pay any liabilities to employees or vendors, pay any taxes outstanding, etc. Additionally, you need to keep the business records for a few years based on the period of limitations

By |2021-11-07T21:51:11+00:00November 7th, 2021|Categories: Business|Tags: , , , , , , , , , , |

Considering amending your tax return?

The IRS in their Issue Number: COVID Tax Tip 2021-157 reminds us that there are several reasons to amend your tax return, such as, entering income (or expenses if business - Schedule C or rental - Schedule E) incorrectly, not claiming credits for which they're eligible, claiming deductions incorrectly, etc. Note that the IRS may

By |2021-11-15T16:11:03+00:00October 27th, 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: , , , , |

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: , , , , , , , , |

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: , , , |

Work Opportunity Tax Credit – Extension Deadline to submit a request to a DLA

In the IR-2021-168, the IRS provides relief for certain employers claiming the Work Opportunity Tax Credit (WOTC). The WOTC is a federal income tax credit available to employers that hire certified members of certain groups specified in the Internal Revenue Code who face significant barriers to employment, including Designated Community Residents or Qualified Summer Youth

By |2021-08-14T17:25:53+00:00August 11th, 2021|Categories: Business|Tags: , , , |
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