RSS Feed Take a look at our recent blog posts and client newsletter articles. en-us Fri, 01 Jan 2021 09:00:00 -0600 Fri, 01 Jan 2021 09:00:00 -0600 The COVID-related Tax Relief Act of 2020 The Consolidated Appropriations Act, 2021, which was signed into law on December 27, 2020, contains a number of tax provisions - among them pandemic relief for businesses and individuals. Fri, 01 Jan 2021 09:00:00 -0600 Important Tax Changes for Individuals and Businesses Each year brings changes to current tax law, and this year is no different. From tax rate schedules to health savings accounts and adoption credits, here's what you need to know. Fri, 01 Jan 2021 09:00:00 -0600 Identity Protection PIN Available To All Taxpayers Starting in January 2021, the IRS Identity Protection PIN Opt-In Program will be expanded to include all taxpayers who can properly verify their identity. Fri, 01 Jan 2021 09:00:00 -0600 Credit Reports: What You Should Know Periodically reviewing your credit report is an effective way to prevent credit card fraud and could alert you to signs of identity theft. Fri, 01 Jan 2021 09:00:00 -0600 Working Remotely Could Affect Your Taxes If you're working remotely from a location in a different state (or country) from your office, you could be facing a tax surprise next year. Tue, 01 Dec 2020 09:00:00 -0600 Small Business: Deductions for Charitable Giving Tax breaks for charitable giving are not limited to individuals; your small business can benefit from them as well. Tue, 01 Dec 2020 09:00:00 -0600 Individual Taxpayers: Recap for 2020 As we close out the year, here's what individuals and families need to know about tax provisions for 2020. Tue, 01 Dec 2020 09:00:00 -0600 Business Tax Provisions: The Year in Review Whether you file as a corporation or a sole proprietor, here's what business owners should keep in mind when it comes to their 2020 taxes. Tue, 01 Dec 2020 09:00:00 -0600 Applying for Tax-Exempt Status as a Nonprofit Whether you're starting a charity, a social organization, or an association there are certain steps you must take before you can apply for tax-exempt status. Tue, 01 Dec 2020 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