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
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
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
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
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
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,
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
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).
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
On the Tax Tip 2021-103, the IRS reminds us the importance of using legitimate and reliable payroll services (for example, well known companies such as Paychex, ADP, Gusto, etc.). The IRS mentioned that "when hiring a company to handle payroll and payroll tax, employers should carefully choose their payroll service provider. This can help a
