Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.
Unclaimed income tax refunds totaling almost $1.5 billion may be waiting for an estimated 1.5 million taxpayers who did not file a 2018 Form 1040 federal income tax return, but people must act before the April tax deadline, according to the Internal Revenue Service.
April Deadline: $1.5 billion in Refunds for Unfiled 2018 Federal Income Tax Return Read More »
A reduction in the 2022 payment threshold determines when a third-party settlement organization has to file an IRS information return can mean some big tax changes for people using internet platforms to sell goods and services.
2022 Tax Change for People with Internet-Based Sales Read More »
The Internal Revenue Service reminded those with income from a farming or fishing business they should file and pay their entire tax due on or before Tuesday, March 1, if they did not make estimated tax payments.
IRS Reminds Farming, Fishing Businesses of March 1 Tax Deadline Read More »
The IRS provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules.
Relief for Certain Partnerships Preparing Schedules K-2 and K-3 for 2021 Read More »
For those working in the service industry, tips are often a vital part of their income.
Report Tip Money as Income Read More »
Now that the filing season has begun, there are several key items all taxpayers should keep in mind when filing their federal income tax returns this year.
What to Remember When Preparing 2021 Tax Returns Read More »
The Small Business Administration (SBA) issued its year-end Payroll Protection Program (PPP) loan forgiveness report.
SBA Issues Year-End PPP Loan Forgiveness Report Read More »
Taxpayers have two options when completing a tax return, take the standard deduction or itemize their deductions.
The Difference Between Standard and Itemized Deductions Read More »
Whether it’s a full-time job or just a side hustle, taxpayers must report gig economy earnings on their tax returns.
Taxpayers Must Report Gig Economy Earnings Read More »
The Internal Revenue Service issued frequently asked questions (FAQs) for the 2021 Recovery Rebate Credit.
IRS FAQs for 2021 Recovery Rebate Credit Read More »