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WASHINGTON – The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). The guidance confirms that, when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, the taxpayer is not...
Taxpayers have the right to retain an authorized representative of their choice to represent them when they are dealing with the IRS. They also have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford...
When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, the agency often mails a letter or notice to the taxpayer. Getting mail from...
Summer is winding down and the filing deadline for people who requested an extension is quickly approaching. Everyone who still needs to file a 2021 tax return should do so as soon as possible. Don’t wait until the deadline...
To help struggling taxpayers affected by the COVID-19 pandemic, the IRS recently issued Notice 2022-36, which provides penalty relief to most people and businesses who filed certain 2019 or 2020 returns late. To qualify for this relief, any eligible...
Businesses hanging up their Help Wanted signs should be sure to check out the work opportunity tax credit. This credit encourages employers to hire workers certified as members of any of ten targeted groups facing barriers to employment. The...
WASHINGTON – The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to submit their third quarter payment is Sept. 15, 2022. Taxpayers not subject to withholding, such as those who are self-employed, investors or retirees,...
As of Aug. 19, the IRS had 8.7 million unprocessed individual tax returns that were submitted in 2022, but continues to open mail within its normal timeframes, according to an update posted to the IRS’s website Aug. 29. The...
Summer is slipping away and another school year is starting. As kids head back to the classroom, parents are ticking items off the school supply list. If they want to boost their back-to-school budgets, parents and guardians should make...
Bankruptcy is a last resort for taxpayers to get out of debts. For individuals, the most common type of bankruptcy is a Chapter 13. This section of the bankruptcy law allows individuals and small business owners in financial difficulty...
WASHINGTON ̶ To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service today issued Notice 2022-36,which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. The IRS is also...
There are a few things business owners need to do before they close their business. Of course, they need to fulfill their federal tax responsibilities. It’s also important to notify the IRS of their plans. Business owners must take...
Picking up the pieces after a natural disaster can be challenging. Fire or flood may have destroyed personal and financial records, including records needed to recover disaster-related losses. People may need documentation for tax purposes, federal assistance programs or...
The privacy of America’s taxpayers is paramount at the IRS. The right to privacy is one of ten rights the Taxpayer Bill of Rights gives all taxpayers. Taxpayers have the right to expect that any IRS inquiry, examination, or...
by Ken Berry When clients file a joint tax return with their spouse, they are “jointly and severally” liable for the tax payments. This means that the IRS can come after either one of them, or both, if they owe...
Taxpayers using a professional tax preparer should make sure they have all their information readily available before their appointment. Collecting their information and getting copies of any missing documents before taxpayers sit down to prepare their return is critical...
Anyone pursuing higher education, including specialized job training and grad school, knows it can be pricey. Eligible taxpayers who paid higher education costs for themselves, their spouse or dependents in 2021 may be able to take advantage of two education...
by Ken Berry Do you client have a “side hustle” going on in addition to your full-time job? If you qualify, you may deduct certain expenses incurred by the self-employed business, including costs attributable to your vehicle. The recent...
WASHINGTON – As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax...
WASHINGTON – The Security Summit partners today encouraged tax professionals to increase their efforts to inform clients about the IRS Identity Protection PIN Opt-In Program to help protect people against tax-related identity theft. The IP PIN serves as a...
