RSS Feed Take a look at our recent blog posts and client newsletter articles. en-us Thu, 01 Apr 2021 09:00:00 -0500 Thu, 01 Apr 2021 09:00:00 -0500 Q & A: The $10,200 Unemployment Tax Break A new tax break - in effect only for the 2020 tax year - allows you to exclude the first $10,200 of unemployment compensation from your taxable income. Thu, 01 Apr 2021 09:00:00 -0500 PPP Loan Deadline Extended Through May 31 The Paycheck Protection Program Extension Act of 2021 was signed into law on March 31, extending the deadline to apply for a loan by an additional 60 days. Thu, 01 Apr 2021 09:00:00 -0500 Highlights of the American Rescue Plan Act Signed into law on March 11, the American Rescue Plan Act of 2021 contains several tax provisions affecting individuals and families. Thu, 01 Apr 2021 09:00:00 -0500 Federal Tax Deadline Extended To May 17 The federal income tax filing due date for individual taxpayers, including those who pay self-employment tax, has been extended to Monday, May 17, 2021. Thu, 01 Apr 2021 09:00:00 -0500 Economic Impact Payments: Round Three Starting March 12, the IRS began sending out the third round of economic impact payments via direct deposit, paper checks, and EIP Cards. Thu, 01 Apr 2021 09:00:00 -0500 Tax Breaks for Families With Children If you have children, one or more of these tax credits and deductions could help your family reduce the amount of tax owed. Mon, 01 Mar 2021 09:00:00 -0600 Small Business Tax Roundup In 2020, the IRS issued a number of guidance documents as well as final rules and regulations that clarified several tax provisions affecting businesses. Mon, 01 Mar 2021 09:00:00 -0600 Renting Out a Second Home Tax rules on rental income from second homes can be confusing, especially if you rent the home out for several months of the year and also use the home yourself. Mon, 01 Mar 2021 09:00:00 -0600 Capital Gains Tax on Sale of Stocks If you made money last year buying and selling stocks, you may owe capital gains tax. Mon, 01 Mar 2021 09:00:00 -0600 Avoiding an IRS Tax Audit With taxes becoming more complicated every year, there is an even greater possibility of tax confusion turning into a tax mistake and an IRS audit. Avoiding "red flags" like these could help. Mon, 01 Mar 2021 09:00:00 -0600 What is uncollectible status and why consider it? A taxpayer who is experiencing financial hardship and is struggling to pay for basic living expenses, qualifies for Currently Not Collectible status. In other words, when a taxpayer has no available equity in assets and his or her income is not sufficient to cover their IRS allowable expenses, the taxpayer would be deemed “uncollectible”, or “Currently Not Collectible” (CNC). When a taxpayer is "uncollectible" IRS holds off levy action against the taxpayer's income or assets. Sat, 21 Nov 2020 09:00:00 -0600 Serial Non-Filer Pleads Guilty to Tax Evasion A man who did not file tax returns for several years in a row pleaded guilty to evading his income taxes on March 13, 2020. Sat, 21 Nov 2020 09:00:00 -0600 Dont miss the Economic Impact Payment for children! Federal beneficiaries who didn't register to receive $500 per child payments earlier this year need to register using the non filers tool on the IRS website before the 3 p.m. Eastern November 21 extended due date to receive an Economic Impact Payment, if eligible. Sat, 21 Nov 2020 09:00:00 -0600 College Students to register by Nov 21 to get Economic Impact Payment On Nov 5th, the Internal Revenue Service (IRS) urged any eligible self-supporting college student who doesn't need to file a tax return to register by November 21 so they can receive an Economic Impact Payment before the end of the year. Sat, 21 Nov 2020 09:00:00 -0600 Cannot pay the IRS? We know the story: things are tight financially, so you either (1) do not file the tax return, or (2) file the return but don’t pay the balance due. But do not worry, you tell yourself, next year will be better. Now it is 2-3 years later and a letter arrives from the IRS, and the threats start, and maybe it has even gotten to the point of actual levy and seizure activity. Now the IRS is wreaking havoc on your financial life and you simply do not know what to do. Sat, 21 Nov 2020 09:00:00 -0600 Lost your tax records? Dont worry! All is not lost! You can request unmasked income transcripts from the IRS either by phone or going online and using Get Transcript tool on the IRS website. Sun, 08 Nov 2020 09:00:00 -0600 IRS pursuing high income taxpayers who haven't filed tax returns High income taxpayers are those who received income in excess of $100,000 during a tax year. In February of 2020, IRS announced that it was stepping up efforts to visit high-income taxpayers who have failed to file one or several years of their tax returns. Mon, 28 Sep 2020 09:00:00 -0500 Here's why not filing a tax return is a bad idea!! People sometimes fall off track with their tax filings because of life circumstances such as health problems, passing away of loved ones or financial hardship. The IRS doesn't penalize people for late filings if there is reasonable cause for non-compliance. However some people frequently don't file their tax returns. What they don't realize is that failure to file a tax return is a serious problem that can come back and haunt them. Fri, 25 Sep 2020 09:00:00 -0500 Six Step Plan if you cannot pay your taxes on time Can’t pay your taxes? Don’t fret. You have options! Mon, 20 Jan 2020 09:00:00 -0600 4 Mistakes That You Don't Want to Make When Filing Your Taxes It can be a stressful experience preparing your taxes and filing them. It can be even more stressful however, if you make these mistakes that land you into tax trouble. It's important to remember that if you make mistakes that are serious enough, you might end up triggering an audit of your tax return or owe more in back taxes. Sun, 05 Jan 2020 09:00:00 -0600