It’s important for taxpayers to understand how selling their home may affect their tax returns. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some key things homeowners should consider when selling a home: Ownership and Use To claim the exclusion, […]
Things Taxpayers Should Consider When Selling a House Read More »
The IRS is reviewing tax returns filed before the American Rescue Plan of 2021 became law in March to determine the correct taxable amount of unemployment compensation and tax. For eligible taxpayers, this could result in a refund, a reduced balance due or no change to tax. IRS efforts to correct unemployment compensation overpayments will
Refund for Taxes Paid on 2020 Unemployment Compensation Read More »
It’s easy for us to think we wouldn’t fall for these types of cons, but strong emotions, such as fear, can drive many people to do things they otherwise wouldn’t. Consider how you might react to: A call from someone claiming to be from the IRS saying you had to pay your tax bill immediately
When it Comes to Tax Scams, Knowledge is Power Read More »
By law, business taxpayers who pay or receive nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Nonemployee Compensation. Generally, payers must file Form 1099-NEC by January 31. For 2021 tax returns there is no automatic 30-day extension to file Form 1099-NEC. However, an extension
Nonemployee Compensation and Backup Withholding Read More »
Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify sources of income. Taxpayers may receive money
The First Good Step of Tax Planning Read More »
Tax credits and deductions can mean more money in a taxpayer’s pocket. Most people only think about this when they file their tax returns, but early planning can help make filing their 2021 tax returns easier. Taxpayers should be prepared to claim tax credits and deductions. Here are a few facts about credits and deductions
Review Eligibility for Credits and Deductions Read More »
Protect Your Business from Sales and Use Tax Risk Failure to accurately manage sales and use tax compliance is likely to have serious consequences for manufacturers and wholesalers, particularly in this post-Wayfair/economic nexus, increased remote and direct-to-consumer pandemic selling environment. Many manufacturers still don’t realize that they may be subject to complex sales and use
Sales and Use Tax Audits Read More »
Taxpayers may elect to claim a disaster loss for the tax year before the disaster.
Claim Disaster Loss in Previous Tax Year Read More »
2022 Cost-of-Living Adjustments On May 10, 2021 the Internal Revenue Service (IRS) released Revenue Procedure 2021-25 announcing cost-of-living adjustments (COLAs) applicable to Health Savings Accounts (HSAs) for 2022.
Health Savings Accounts 2022 Read More »
The IRS reminds taxpayers who still haven’t filed, that several provisions of the American Rescue Plan affect their 2020 tax returns.
The American Rescue Plan Includes Retroactive Tax Benefits Read More »