COVID tax relief: IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers

by Admin | Aug 24, 2022 | Individual Taxes

COVID tax relief: IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers. (n.d.). Internal Revenue Service. Retrieved August 24, 2022, from...

What Does The Inflation Reduction Act Mean To You?

by Admin | Aug 24, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Tax Planning

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 which is a scaled-back version of the prior Biden administration proposals originally included in the Build Back Better Act. The legislation includes a variety of provisions,...

Minimum Wage Tracker: State and Federal

by Admin | Aug 23, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Tax Planning

Please visit https://www.epi.org/minimum-wage-tracker/ to stay up to date on State and Federal minimum wage amounts. EPI is an independent, nonprofit think tank that researches the impact of economic trends and policies on working people in the United States. EPI’s...

IRS announces interest rate increases for the fourth quarter of 2022; 6% rate applies to most taxpayers starting Oct. 1

by Admin | Aug 15, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Tax Planning

IRS announces interest rate increases for the fourth quarter of 2022; 6% rate applies to most taxpayers starting Oct. 1. (2022, August 15). Internal Revenue Service. Retrieved August 15, 2022, from...

New school year reminder to educators; maximum educator expense deduction rises to $300 in 2022

by Admin | Aug 10, 2022 | Individual Taxes, Tax Planning

New school year reminder to educators; maximum educator expense deduction rises to $300 in 2022. (2022, August 10). Internal Revenue Service. https://www.irs.gov/newsroom/new-school-year-reminder-to-educators-maximum-educator-expense-deduction-rises-to-300-in-2022...

What Do You Do If the IRS Wants to “Audit” Your Tax Return?

by Admin | Aug 9, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Uncategorized

The word “audit” tends to strike fear in the hearts of American taxpayers, but the truth is that not every audit is a result of a problem, or that the Internal Revenue Service suspects you of wrongdoing. There are several reasons why the IRS might want to audit your...