35 Million: The Total Backlog of Tax Returns The IRS Had At The End Of Tax Season
Still waiting on your federal tax refund from the IRS? You’re not alone. The agency is facing a backlog of 35 million returns.
Tax Rules for Home Flippers
Are you contemplating trying your hand at flipping? If so, keep in mind that you will have a silent partner, Uncle Sam, who will be waiting to take his share of any profits in taxes.
Sole Proprietorships – Don’t Overlook the Liability Issues
If you are considering starting a business, the simplest and least expensive form of business is a sole proprietorship. However, sole proprietors are 100% personally liable for all business debts and legal claims. Here is what you need to know.
Relocating? How to Do It with Taxes in Mind
Now that you’re working remotely, are you considering moving to a state with no state income tax? Before you do, do your homework.
The IRS is Resuming Collection & Enforcement Activities That Were Paused During COVID-19
Do you have a balance due with the IRS? It’s time to pay up. The IRS is resuming “certain collection and enforcement processes that had been suspended because of the coronavirus pandemic.”
2021: The Year of Substantial Tax Breaks for Families with Children and Lower-Income Taxpayers
The American Rescue Plan Act included several tax benefits that will impact families with children and lower-income taxpayers during 2021, including increased childcare benefits, an increased child tax credit, as well as advanced monthly payments for some.
During Your Summer Travel, Don’t Forget to Visit Your CPA
Despite the IRS pushing back the 2020 tax return deadline to May 17 this year, many taxpayers still filed for an automatic extension until October 15. Reasons for an extension vary and include needing extra time with your CPA to thoroughly review your options and strategies, time to gather K-1s or corrected 1099 forms, or…
Considerations When Making Gifts to Children
Children love getting gifts, but if you’re planning on gifting a ton of cash, there are some tax issues to consider.
Did You File Before Congress Passed the Unemployment Tax Exclusion? Here is How the IRS is Handling the Situation
Did you pay taxes on your unemployment benefits you received during the pandemic? Normally, unemployment insurance benefits are fully taxable for federal purposes. As part of the American Rescue Plan Act, Congress decided that each individual who received unemployment benefits could exclude the first $10,200 of those benefits from taxation if their modified AGI was less than $150,000. The IRS will be adjusting your tax return.
3 Reasons to Keep Your Personal and Business Finances Separate
The more your business and personal outlays become entwined, the harder it is to manage your company’s cash flow, payroll, and taxes. We explore three key reasons to draw a clear line between your business and personal finances.