The Internal Revenue Service (IRS) has not hidden the fact that it is backlogged in processing millions of tax returns, including payroll tax returns. Among the reasons for the backup is an unexpectedly high volume of Employee Retention Credit (ERC) refund requests. This has left many businesses waiting longer than expected for their refund. As […]
Where Is Your Employee Retention Credit Refund? Read More »
Starting this summer the Internal Revenue Service (IRS) taxpayers who go online to access their accounts or pay taxes will be required to submit to facial recognition as a security precaution. The IRS has contracted with a third-party facial recognition company called ID.me to provide the service. Enrollment with ID.me will require submission of a
IRS to Require Facial Recognition for Online Payment Read More »
Filing your tax return involves a lot of paperwork and documentation and keeping track of what is important can be a challenge. But it is essential that you hold on to one letter that you may receive from the Internal Revenue Service (IRS) this year. Letter 6419 is the official documentation containing the details you
Why You Should Keep IRS Letter 6419 Read More »
While most eligible people have already received their Economic Impact Payments from the federal government, not everybody got a stimulus check or did not receive the full Recovery Rebate amount. If you were eligible for an Economic Impact Payment and did not receive it, you may be able to claim a Recovery Rebate Credit to
Can You Claim a Recovery Rebate Credit on Your 2021 Taxes? Read More »
Be prepared to wait for your tax refund again this year. The Internal Revenue Service (IRS) has issued a statement warning that, due to office closures, staffing shortages, and multiple new tax initiatives and programs, the backlog that built up during the pandemic will likely lead to delays in processing tax returns again this year.
IRS Backlog May Delay Returns Read More »
With travel for business purposes rebounding as pandemic restrictions are eased, it is good to know that you will be able to deduct a little more for your automobile mileage in 2022. The standard mileage rate for 2022 will be 58.5 cents per mile, an increase of 2.5 cents per mile over the 2021 rate.
Mileage Deduction Rates Rise for 2022 Read More »
One of the provisions of the recently passed Infrastructure Investments and Jobs Act is the elimination of the Employee Retention Credit (ERC) for Q4 2021. There is an exception for companies founded after February 15, 2020 (known as recovery start up businesses). The termination of the credit for the fourth quarter payrolls was anticipated based
Employee Retention Credits Eliminated Read More »
With all the legal hoops involved, it can be difficult for a not-for-profit to secure its tax-exempt status. The last thing you want after gaining this critical designation is to lose it. In the current political climate, it may be easier than ever to forfeit your status. So if you lead a 501(c)(3) organization, be sure
Danger! How Nonprofits Often Lose Their Tax-Exempt Status Read More »
Are you considering a move to another state when you retire? Perhaps you want to relocate to an area where your loved ones live or where the weather is more pleasant. But while you’re thinking about how many square feet you’ll need in a retirement home, don’t forget to factor in state and local taxes.
Factor in taxes if you’re relocating to another state in retirement Read More »
In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But there
You Can Only Claim A Casualty Loss Tax Deduction In Certain Situations Read More »