2022 – 05/27 Recently, the IRS updated its “Where’s My Refund” tool. Now taxpayers can check the status of current and two previous years’ refunds, including expected refund issuance dates. Updates for 2021 refunds are available within 24 hours of e-filing and four days of e-filing 2019 and 2020 returns. To access the tool, you’ll…
2022 -05/26 The IRS has added more electric vehicles to its list of those eligible for a federal tax credit. The tax code provides a credit (of up to $7,500) to purchasers of qualified plug-in electric-drive passenger vehicles and light trucks. The credit phases out over four calendar quarters, beginning when a manufacturer has sold…
2022 – 05/25 It’s nearly summer, a time when many people sell their homes. That’s why the IRS has issued a few reminders. Home sellers may qualify to exclude from income all or part of any gain from the sale of their main home on their tax return. To enjoy the full exclusion, taxpayers must…
2022 – 05/25 You can’t stop it; you can only hope to use it to your best business advantage. That’s right, summer is on the way and, with it, a variety of seasonal marketing opportunities for small to midsize companies. Here are three ideas to consider. 1. Support summer camps and local sports Soon, millions…
2022 – 05/23 The Treasury Inspector General for Tax Administration (TIGTA) has issued an audit that evaluates whether the IRS timely and accurately processed individual paper and e-filed tax returns during the 2022 filing season. As of March 4, 2022, the IRS received 54.7 million tax returns and issued $129.2 billion in refunds. The audit…
2022 – 05/23 Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why does this happen? It’s due to the way partnerships and…
2022 – 05/20 It’s wedding season — a happy time that includes gifts, cake and endless details. Chances are, taxes are the last thing on your mind. But the IRS wants to remind you of a few important steps. Soon, you’ll be filing your first tax return as a married person and that could affect…
2022 – 05/19 If you’re worried about an IRS audit, there’s good news! According to a recent Government Accountability Office report, audits of individuals between 2010 and 2019 decreased for all income brackets, from 0.9% to 0.25%. Higher-income taxpayers experienced the biggest decline in audits, probably because they require more IRS staff review and resources….
2022 – 05/18 It’s a dilemma that’s been in the news and on business owners’ minds for a while now. The COVID-19 pandemic, along with other world events, have strained supply chains both global and national. And, throwing gasoline on the fire, cyberattacks have threatened to further disrupt the smooth flow of materials, products and…
2022 – 05/16 If you pay quarterly estimated taxes, circle this date on your calendar: June 15. That’s the payment due date for your second-quarter estimated taxes. Individuals, including sole proprietors, partners and S corporation shareholders, must make estimated tax payments if they expect to owe $1,000 or more in tax when their tax return…
2022 – 05/16 Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped significantly for the filing of Form 1099-K, “Payment Card and Third-Party Network Transactions.” Businesses…
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…
2022 – 05/11 Keeping up with employment regulations and health care benefits can be a struggle for many small to midsize businesses. One potential solution is engaging a professional employer organization (PEO). PEOs employ experts who understand the minutiae of many HR functions. Moreover, these firms can handle difficult, recurring tasks such as managing employment…
2022 – 05/09 The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified…
2022 – 05/05 The IRS is reminding all businesses, including self-employed and gig workers, to make estimated tax payments quarterly. Individuals and businesses are required to pay taxes as income is earned or received throughout the year, either through withholding or estimated tax payments. That’s why those who are self-employed or in the gig economy…
