IRS Providing Penalty Relief to 1.6 Million Taxpayers
To help struggling taxpayers affected by the COVID-19 pandemic, the IRS has issued a notice, which provides penalty relief to most people...
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Sep 12, 20224 min read
Tax strategies during a lower-income year
People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit...
Jul 29, 20224 min read
RMDs and IRA-to-Charity Distribution Provisions
Tax law requires individuals who have reached age 72 to begin taking minimum distributions from their traditional IRA accounts. These are...
Jul 20, 20224 min read
You May Receive an IRS Form 1099-K This Year
The IRS Tax law, since 2011, has required third-party settlement organizations such as Venmo, PayPal, CashApp, and Ebay to report...
Dec 13, 20216 min read
Watch Out for Tax Penalties
Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply unaware of the penalties or the possible...
Nov 23, 20217 min read
Don’t miss out! Tax-Saving Strategies to Consider Before Year-End
With the holiday season upon us, the 2021 tax preparation season will soon follow. With the end of the tax year just around the corner,...
Nov 22, 20215 min read
Tax Tips for Holiday Charity Donations
During the holidays, many charities solicit gifts of money or property. This article includes tips for documenting your charitable gifts...
Nov 20, 20218 min read
Understanding the Taxation of Cryptocurrency Transactions
If you have purchased, owned, sold, gifted, made purchases with, or used cryptocurrency in business transactions, there are certain tax...
Oct 11, 202110 min read
Possible tax bill makes fall tax planning a wise move
Taxes are like vehicles in that they sometimes need a periodic check-up to make sure they are performing as expected, and if ignored, can...
Sep 27, 202110 min read
Proposed Tax Changes for Higher Income Individuals
The House Ways and Means Committee has released an extensive list of proposed tax changes that impact individual, retirement,...
Sep 14, 20213 min read
Complications to the IRA-to-Charity Distribution Provision
Individuals are required to begin taking distributions from their IRA when they reach a certain age. That age was 70½ until Congress...
Aug 23, 20211 min read
Create an IRS Online Account
If you still have not received your federal refund, you are not alone. In our news article on July 26, the disclosed number of...
Aug 13, 20212 min read
Protect yourself from an unqualified tax preparer: Choose a CPA
Anyone preparing a tax return for compensation must have a PTIN issued by the IRS, but there are no requirements associated with...
Aug 10, 20218 min read
The Treasury Green Book of Biden Proposed Tax Changes
The U.S. Treasury has released the Biden administration’s 2022 Fiscal Year Budget, which includes a general explanation of the...
Aug 10, 20213 min read
Minimizing Tax on Social Security Benefits
Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following...
Aug 3, 20214 min read
How Long Should You Keep Old Tax Records?
This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents? Generally,...
Jul 29, 20214 min read
Tax Rules for Home Flippers
With mortgage interest rates low, flipping real estate appears to be on the rise. This activity is even the theme of several popular...
Jun 7, 20213 min read
Don’t Lose Your Passport Because of Unpaid Federal Debt
The IRS has begun issuing notice CP508C to taxpayers with “seriously delinquent” tax debt and the service has resumed its program of...
May 25, 20216 min read
How Biden’s Proposed American Families Plan Might Affect You
President Biden presented his proposed American Families Plan (AFP) during his Joint Session of Congress address on April 29, 2021. What...
May 25, 20211 min read
Where's my refund?
IRS acknowledges it is taking longer to process refunds. However, they have a tool which will give you the status of your refund and...
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