Students and staff at educational institutions, beware. An IRS impersonation scam continues to target schools, including people with “.edu” email addresses. This applies to public, private and nonprofit schools. The suspect emails display the IRS logo and may refer to a “tax refund” in the subject line. The sender then tells recipients that, to claim… Continue Reading
Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your IRA. When distributions are taken directly out of traditional IRAs, federal income tax of up to 37% in 2022 will… Continue Reading
If you’re one of the estimated 19 million taxpayers who’ve requested an extension to file their 2021 tax return, the filing deadline is Oct. 17. The IRS is reminding those taxpayers that they don’t have to wait until mid-October to file. If you have all the necessary information to file a return, contact us or… Continue Reading
What are the requirements for employers regarding federal employment taxes? This might seem like a silly question to ask of employers, many of which have been grappling with this obligation for years or even decades. But, just as a coat of paint sometimes needs freshening up, it’s not a bad idea to occasionally review the… Continue Reading
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. August… Continue Reading
To help defray the sky-high cost of gas, taxpayers who use their vehicles for business saw the standard mileage rate rise on July 1, from 58.5 cents to 62.5 cents. But you could lose that tax benefit if you neglect to keep good records as you go. In one case, a consultant and his wife’s… Continue Reading
The infrastructure bill approved by the Senate on Tuesday (H.R. 3684) would terminate the employee retention credit early and would require broker reporting of cryptoasset transfers. It also contains a few other tax provisions along with spending on a wide variety of infrastructure and other projects. H.R. 3684, known as the Infrastructure Investment and Jobs… Continue Reading
President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses. Here are some of the tax highlights of the ARPA. The Employee Retention Credit (ERC). This… Continue Reading
April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to make one. You may have to make estimated tax payments if you receive interest, dividends, alimony, self-employment income, capital gains, prize money or other income.… Continue Reading
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January… Continue Reading