Now that many taxpayers have filed their federal tax returns, they’re eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers. Getting a refund this year means there’s no need to adjust withholding for 2021 To help avoid a surprise next year, taxpayers should make… Read More

Although payments are automatic for most people, the IRS continues to urge people who don’t normally file a tax return and haven’t received Economic Impact Payments to file a 2020 tax return to get all the benefits they’re entitled to under the law, including tax credits such as the 2020 Recovery Rebate Credit, the Child Tax… Read More

Qué deben hacer los contribuyentes que reciben una carta o aviso del IRS El IRS envía cartas o avisos a los contribuyentes por una variedad de razones que incluyen si: Tienen impuestos no pagados. Se les debe un reembolso mayor o menor. La agencia tiene una pregunta acerca de su declaración de impuestos. Necesitan verificar… Read More

IRS letters explain why some 2020 Recovery Rebate Credits are different than expected As people across the country file their 2020 tax returns, some are claiming the 2020 Recovery Rebate Credit (RRC). The IRS is mailing letters to some taxpayers who claimed the 2020 credit and may be getting a different amount than they expected. It’s important… Read More

In extending the deadline to file Form 1040 series returns to May 17, the IRS is automatically postponing to the same date the time for individuals to make 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell… Read More

For tax year 2017 Federal income tax returns, the normal April 15 deadline to claim a refund has also been extended to May 17, 2021. The law provides a three-year window of opportunity to claim a refund. If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury.… Read More

The IRS will recalculate taxes on unemployment benefits; refunds to start in May To help taxpayers, the Internal Revenue Service announced yesterday that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.… Read More

There are various reasons a business may need to file for dissolution beyond just closing its doors and going out of business.  Regardless of the reasons, it is important to take the critical steps necessary to dissolve the business in order to comply with federal and state tax regulations as well as protecting yourself from… Read More

On March 26, the Internal Revenue Service issued Announcement 2021-7 PDF today clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. The amounts paid for personal protective equipment are also eligible to be paid or reimbursed… Read More