2021 – 08/18 Getting mail from the IRS may make a taxpayer go weak in the knees. But not all IRS letters are scary. For example, you may receive a notice of a change to your account, a request for more information or a notification that a payment is due. Here are some tips for what to do and not do. First, don’t panic and don’t ignore a letter. Don’t throw it away. Most IRS letters are about specific issues and come with instructions. You may need to refer to a letter when you file your next return. The best response is to read the letter and take the appropriate actions. Contact us with any questions. Here’s more from the IRS:
Similar Posts
Charitable Contributions
2021 – 09/20 Generally, individuals who claim the standard deduction on their tax returns can’t deduct charitable contributions. But for 2021, the Taxpayer Certainty and Disaster Tax extended parts of an earlier law that allowed individuals to claim charitable contributions up to $300 for 2020. Those who file married joint returns may claim up to…
IRA Rollover
2022 – 05/13 You can roll over funds from one IRA to another tax free as long as you complete the rollover within 60 days. What if you miss the deadline? You may owe tax and an early distribution penalty if you’re under age 59½. The IRS may waive the penalty if there are extenuating…
IRS Scam Alert
2022 – 03/02 With tax season well underway, the IRS warns taxpayers to remain on guard when it comes to security. Be especially mindful, says the IRS, of scams involving unemployment benefits. Many states have reported a surge in fraudulent unemployment claims filed using stolen identities. Unemployment benefits are taxable income and are reported to…
Tax Changes
2021 – 12/16 Before the new year, the IRS reminds businesses of changes that may affect their taxes. Here’s a quick look at two. The CARES Act allowed employers to defer payments of Social Security taxes from the original 2020 due dates. By Jan. 3, 2022, 50% of the deferred amount must be paid, to…
The tax obligations if your business closes its doors
2022 – 07/11 Sadly, many businesses have been forced to shut down recently due to the pandemic and the economy. If this is your situation, we can assist you, including taking care of the various tax responsibilities that must be met. Of course, a business must file a final income tax return and some other…
Is your business tracking website metrics?
2021 09-29 In today’s data-driven world, business owners are constantly urged to track everything. And for good reason — having accurate, timely information displayed in an easy-to-understand format can allow you to spot trends, avoid risk and take advantage of opportunities. This includes your company’s website. Although social media drives so much of the conversation…