Both New York and New Jersey’s requests for major disaster declarations due to Hurricane Ida were approved by the White House, unlocking federal relief and extending federal tax deadlines. The IRS officially announced the federal tax filing deadline is extended to January 3, 2022. Areas included for relief are New York’s outer boroughs, Bronx, Kings,
IRS Has S-Corps Under Scrutiny
For years, the IRS has been gunning for a fight with S-Corporations over reasonable compensation. Their guns are now loaded, so get ready, because since 2000 when the IRS established its authority to reclassify distributions as wages and reinforced the employment status of shareholders as employees, it has had S-corps in its sights. Things got
Details of the IRS Dirty Dozen Tax Scams 2021
Looking for variety? This year’s IRS list of the worst scams out there has plenty! Some warnings are familiar, while newer scams involve “Vishing,” robo-calls, and sophisticated financial provisions. Crooks were busy during COVID trying to steal your identity and phishing for tax info! During 2020, almost 400 “vishing” or “voice phishing” scams were reported,
Don’t Miss Midyear Tax Planning Opportunities
Valuable tax planning opportunities exist if you anticipate potential tax changes and take advantage of what’s still available under the Tax Cuts and Jobs Act, CARES Act, and other tax provisions. The American Rescue Plan Act enacted earlier this year included changes that will affect 2021 tax returns and, if enacted, the proposed American Jobs
Employee Retention Tax Credits Available Thru December 2021
Update September 18, 2021 – New Safe Harbor for Claiming the ERC: The IRS issued a safe harbor that allows an employer to exclude certain amounts received from other COVID economic relief programs in determining whether it qualifies for the employee retention credit (ERC) based on a decline in gross receipts. The amounts that can
Nagging Nanny Taxes Not Going Away
These days the IRS is investigating all types of fraud and getting serious about slapping fines on offenders. The IRS is now investigating domestic employment – their efforts are no longer limited to financial technology companies and unreported cryptocurrency transactions, false unemployment compensation claims, and PPP Loan fraud. Lately there has been a significant trend
Where Is My Darn Tax Refund
For now, the best way to find the status of your return and associated refund is to use the IRS’ online Where’s My Refund? tracking tool. Every tax season is challenging, but this one is worse because Congress has fiddled yet again with tax laws, and the IRS has had to respond with (often confusing) new
Automatic Refunds On Tax-Free Unemployment Benefits
Whether you were a senior manager, staff, or stakeholder in business last year, chances are you were out of work (even if only temporarily) and collecting unemployment. You were not alone. More than 23 million USA workers filed for unemployment in 2020. For the first time, some self-employed workers also qualified for unemployment benefits. The
Individual Federal Income Tax Returns And Payments Now Due May 17th 2021
Another moving target! The IRS is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The IRS says it will issue formal guidance in the very near future. The postponement applies only to individual taxpayers, who can postpone their federal
2020 Credit for IRA Contributions Made by April 15th 2021
You still have time! Since this article was published, tax deadline has been extended to May 17, 2021, and so has the ability to contribute to your IRA. Taxpayers may be able to claim a deduction on their 2020 tax return for contributions made to their IRA through April 15, 2021. There is no longer
