Q & A Summary Year-End Seminars
Corporate Transparency Act Can I refer all my LLC customers to a lawyer for the new “BOI” filing requirements and still be compliant? You decide what forms you want to prepare. If you chose not to prepare the form, you would notify your clients. as such. I would recommend that you have something signed by […]
Tax Newsletter December 2023
In this Issue: More Q & A from the Fall Virtual Series IRS Opens Annual Self-Certification and E-file Application URL Registration IRS Reduces Fees to Obtain or Renew a PTIN 1040 MeF Production Shutdown Schedule Employee Retention Credit Eligibility Checklist: Publication5887 Educational Assistance Programs Can Help Pay Workers’ Student Loans Reminder: Payers Filing Erroneous Information Returns […]
Tax Newsletter March 2023
In This Issue: IRS Opens Free Portal to File Information Returns Client Update: How to Treat Tips for Tax Purposes Which Employment Tax Records to Keep and For How Long? IRS Saturday Hours for Face-to-Face Help – IRS Assistance Centers Open Across the Nation Keep Up to Date on Expiring Provisions CPAs Promote Simplicity, Fairness […]
Tax Newsletter February 2023
New guidance has been issued in the form of FAQ’s related to handling Form 1099-K and sale of personal property, unrelated to business. This was discussed in our year-end sessions. We have reproduced the FAQs for your convenience in this newsletter. Though IRS has announced a transition period for the new thresholds to become effective, […]
Tax Newsletter July 2022
In This Issue IRS Increases Mileage Rate for Remainder of 2022 TIGTA Releases Public Service Announcements Warning Taxpayers of the Ongoing Threat of IRS Impersonation Scams Senate Bill Sets Stage for Crypto Tax Clarity Illinois—Cook County Minimum Wage Increase on July 1 Connecticut Provides a 10-year Statute of Limits, Revises Other Tax Collection Provisions, and […]
Tax Newsletter June 2022
IRS Statement Concerning the Destruction of 30 million Information Returns Due to Software Limitations – Tax Year 2020 In This Issue: Study States Nearly Half of Tax Returns Can Be Prefilled New Partnership Audits on the Horizon No Step-up in Basis for Private Foundation’s Assets Form 941 – A Bit of History Final Foreign Tax […]
Tax Newsletter February 2022
2022 Tax Season Begins on January 24th 2022, and Announces Deadline Information In This Issue List of Provisions Expiring in 2021 – Tax Planning Issues The 2022 Form W-4 Employee’s Withholding Certificate IRS Corrects the American Opportunity Tax Credit Identification Requirement in the FAQ’s IRS Announced Delays in Processing Employer Credit Advanced Payments FS-2022-02 Announcement […]
Tax Newsletter February 2021: Are You Ready for Tax Filing Season?
A New Year and a “NEW” 2021 Tax Filing Season Are You Ready? In This Issue Issue 1: 2021 Tax Filing Season Begins Feb. 12; IRS Outlines Steps to Speed Refunds During Pandemic Issue 2: Question and Answers from the 2021 January Quarterly Update Issue 3: Revenue Procedure 84-35 Changes Issue 4: CAA Extender and […]
Getting Ready for the 2021 Tax Season
Tax Planning 2021 New in 2021: Those who Did Not receive an EIP may be able to claim the Recovery Rebate Credit Clients may be able to claim the Recovery Rebate Credit if they met the eligibility criteria in 2020 and: They didn’t receive an Economic Impact Payment this year, or Their Economic Impact Payment […]
Tax Newsletter: December 2020
Important Update to the November Newsletter – Concerning Marketplace and Healthcare Subsidy – May Impact Your Client Please review the first page of the November Newsletter to get the background on this issue – here is what has happened thus far: The client’s return has been received but on where’s my refund – it says […]
