The Internal Revenue Service announced it is providing transition relief to certain employers claiming the Work Opportunity Tax Credit (WOTC).
Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.
Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year.
After a natural disaster, having access to personal financial, insurance, medical and other records can help people starting the recovery process quickly.
The Internal Revenue Service today concludes the “Dirty Dozen” list of tax scams with a warning to taxpayers to watch out for schemes peddled by tax promoters, including syndicated conservation easements, abusive micro-captive insurance arrangements and other abusive arrangements.
The Coronavirus, Aid, Relief and Economic Security Act – CARES Act – allowed employers to defer the deposit and payment of the employer’s share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes.
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 …
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 …
Taxpayers may elect to claim a disaster loss for the tax year before the disaster.
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.
The IRS reminds taxpayers who still haven’t filed, that several provisions of the American Rescue Plan affect their 2020 tax returns.