As required by the CARES Act, the IRS initiated a public awareness campaign last year to inform taxpayers about the availability of Economic Impact Payments (EIPs). The Treasury Inspector General for Tax Administration (TIGTA) has released an assessment of the IRS’s EIP performance. According to the audit, as of Dec. 31, 2020, IRS had issued … Read More
For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon. But if the past year or so have taught us anything, it’s that anything can happen. Owners who’ve built … Read More
The Taxpayer Advocate Service (TAS) has announced that it is extending, through the end of the year, guidance allowing its employees to receive documents by email and transmit documents via email to taxpayers and representatives with their consent. This is done using SecureZip (a program that encrypts email attachments) or other authorized secured messaging system. … Read More
It’s happening. With vaccination rates rising and the more severe effects of the pandemic trending downward, several industries have announced in-person trade shows for later this year. Meanwhile, over the summer, businesses will likely see marketing opportunities in other events such as “sidewalk days” and local festivals. Are you and your team ready to get … Read More
The IRS and the U.S. Department of the Treasury recently announced that an additional 1.8 million Economic Impact Payments (EIPs) have been disbursed under the American Rescue Plan Act (ARPA). So far under the ARPA, 167 million payments have been disbursed, representing a total value of approximately $391 billion. The IRS will continue to make … Read More
The U.S. Department of the Treasury has issued detailed information about the Biden administration’s tax proposals for fiscal year 2022 for the American Jobs Plan and the American Families Plan. Traditionally, the tax community has referred to this annual publication as the “Green Book.” The proposed provisions detailed in the Green Book include: increasing income … Read More
Taxpayers who can’t resolve issues with the IRS on their own may be able to find help from the Taxpayer Advocate Service (TAS). TAS is an independent agency within the IRS, that exists to ensure taxpayers are treated fairly. Cases the TAS can currently accept must deal with one of four issues. They include: cases … Read More
To avoid a surprise when you file your tax return, review your federal withholding each year to make sure you’re not having too little (or too much) tax withheld from your paychecks. In general, you should increase withholding if you hold more than one job at a time or have income from sources that aren’t … Read More
Under two COVID-19 relief laws, “emergency rental assistance” is being provided to certain people by the government. The IRS has added information on its website about the tax implications of these payments. For example, are they included in gross income? The answer is no. The payments aren’t considered income for tax purposes. That includes payments … Read More
The National Taxpayer Advocate (NTA) has a caution for taxpayers who file a claim for refund after April 15 for tax years 2019 or 2020. They may have a timely filed claim, but the amount of the refund may be unexpectedly limited to $0 (effectively denied) in 2023 or 2024 because the IRS postponed the … Read More