You can file Form W-7, Application for IRS Individual Taxpayer Identification Number (ITIN), with your federal income tax return. You must also include original documentation or certified copies from the issuing agency to prove identity and foreign status. If you qualify for an exception, then file Form W-7 with your proof of identity and foreign… Read More

Treasury, IRS extend filing and payment deadline The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. “This… Read More

Mark no, if only purchased. The IRS has updated the FAQs on Virtual Currency Transactions page, clarifying how a taxpayer who only purchased virtual currency with real currency and had no other virtual currency transactions during the year should answer the question on Page 1 of the Form 1040. According to the new FAQ posted, the taxpayer… Read More

The IRS and Treasury have issued all first and second Economic Impact Payments. If you didn’t get any Economic Impact Payments or got less than the full amounts, you may qualify for the Recovery Rebate Credit and must file a 2020 tax return to claim the credit even if you don’t normally file. Most individuals… Read More

On March 3, 2021, the SBA issued a revised Interim Final Rule (IFR) permitting self-employed with an ITIN to apply for PPP loans. Question # 64 of the revised IFR reads as follows: Q 64. If an owner of an applicant, or a sole proprietor, self-employed individual, or independent contractor has an Individual Taxpayer Identification… Read More

    There are various types of tax return preparers, including certified public accountants, enrolled agents, attorneys, and many others who don’t have a professional credential. You expect your preparer to be skilled in tax preparation and to accurately file your income tax return. You trust him or her with your most personal information. They know… Read More

For small business owners, tax season can be a less-than-exciting time of the year. However, one incentive can make filing taxes a little more bearable, and that would be tax deductions. Don’t miss out on potential savings by not taking advantage of all of the possible deductions!   What Are Tax Deductions? Tax deductions are incentives that… Read More

The Internal Revenue Service reminds taxpayers to double-check to make sure they have all of their tax documents, including Forms W-2 and 1099, before filing a tax return. The IRS reminds taxpayers that many of these forms may be available online. When other options aren’t available, taxpayers who haven’t received a W-2 or Form 1099 should contact… Read More

Electronically filing a tax return reduces errors because the tax software does the math, flags common errors and prompts taxpayers for missing information. It can also help taxpayers claim valuable credits and deductions. Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can also help avoid errors. The IRS urges… Read More

Errores comunes y costosos que contribuyentes deben evitar al preparar declaración de impuestos. La presentación electrónica de una declaración de impuestos reduce los errores porque el software de impuestos hace las matemáticas, marca los errores comunes e indica a los contribuyentes si falta información. También puede ayudar a los contribuyentes a reclamar créditos y deducciones… Read More