Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.
$1.2 Billion in IRS Penalty Relief Refunds Coming for Certain 2019 and 2020 Tax Returns To help struggling taxpayers affected by the COVID-19 pandemic, the IRS recently issued Notice 2022-36, which provides penalty relief to most people and businesses who filed certain 2019 or 2020 returns late.
$1.2 Billion in IRS Penalty Relief Refunds Read More »
Teachers go above and beyond for their students, often buying classroom supplies needed to make learning successful.
Teachers: Classroom Supplies May Be Tax Deductible Read More »
Excise tax is an indirect tax on specific goods, services and activities.
What Businesses Should Know About Excise Tax Read More »
Crowdfunding is a popular way to raise money online. People often use crowdfunding to fundraise for a business, for charity, or for gifts. It’s important to know that money raised through crowdfunding may be taxable.
Things to Know About Crowdfunding and Taxes Read More »
There are a few things business owners need to do before they close their business.
What Business Owners Do When Closing Their Doors for Good Read More »
Anyone pursuing higher education, including specialized job training and grad school, knows it can be pricey.
College Students Study Up On These Two Tax Credits Read More »
When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation.
What Businesses Need to Know About Reporting Nonemployee Compensation Read More »
Business travel can be costly. Hotel bills, airfare or train tickets, cab fares, public transportation – it can all add up fast. The good news is business travelers may be able to offset some of those costs by claiming business travel deductions when they file their taxes.
What Taxpayers Need to Know About Business Related Travel Deductions Read More »
As the old saying goes: When something sounds too good to be true, it probably is. Taxpayers with outstanding tax bills might be tempted by businesses that advertise and offer to help them reduce their tax debt.
Companies Who Promise to Eliminate Tax Debt Sometimes Leave Taxpayers High and Dry Read More »
By law, everyone must pay tax as they earn income. Generally, taxpayers must pay at least 90 percent of their taxes throughout the year through withholding, estimated or additional tax payments or a combination of the two.
Making 2022 Estimated Tax Payments Read More »