If you’re married, you may wonder whether you should file joint or separate tax returns. The answer depends on your individual tax situation. In general, it depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly … Read More
The IRS has posted a fact sheet to its website containing new and updated FAQs on the Premium tax credit (PTC). A PTC is available to certain low and moderate income individuals enrolling in a qualified health plan through the Health Insurance Marketplace. Taxpayers enrolling in Marketplace insurance may choose to have an estimated credit … Read More
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends. The requirements To prove a charitable … Read More
In response to pressure from Congress, 1,200 IRS employees have been dispatched to sort and process millions of outstanding 2020 amended paper tax returns. IRS Commissioner Chuck Rettig says a separate team will tackle 2021 paper returns as they come in. The backlog has been caused, in part, because the IRS suspended approximately 35 million … Read More
If an individual has been deemed a “noncompliant” taxpayer and has possible criminal exposure, it’s important to address the issue quickly. One option is to submit Form 14457, Voluntary Disclosure Practice Preclearance Request and Application. Following a review of tax practitioner feedback, the IRS recently updated the form to facilitate submission. It now includes an … Read More
April 18, 2022, is the deadline for filing your federal income tax return. Keep in mind that the gift tax return deadline is on the very same date. So, if you made large gifts to family members or heirs last year, it’s important to determine whether you’re required to file Form 709. Filing requirements Generally, … Read More
The IRS is providing penalty relief for certain pass-through entities required to file Schedules K-2 and K-3 for 2021. Certain domestic partnerships and S corporations won’t be required to file the schedules, which are intended to make it easier for partners and shareholders to find information related to “items of international tax relevance” that they … Read More
By now, most business owners view technology upgrades as inevitable. Whether hardware or software, the tech your company relies on to operate will need to change slightly or even drastically for you to stay competitive. Strange as it may sound, technology upgrades demand a bit of soul searching. That is, before spending the money, you … Read More
If you want to register for an IRS Online Account, you’ll no longer be subjected to the use of biometric data, including facial recognition. According to the IRS, taxpayers now have the option of verifying their identity during live, virtual interviews with IRS agents. With an Online Account, taxpayers can, among other things, access tax … Read More
Now that 2022 is up and running, business owners can expect to face a few challenges and tough choices as the year rolls along. No matter how busy things get, don’t forget about an easily accessible and highly informative resource that’s probably just a few clicks away: your financial statements. Assuming you follow U.S. Generally … Read More