Millions of American taxpayers are clamoring for an answer … “Where’s my refund?” Lack of a definitive answer is further exacerbated by not knowing what’s the delay, when will it be resolved and how to get answers for help from the agency.Read More
Early last August, President Trump directed Treasury Secretary Steven Mnuchin to permit employers to temporarily suspend the collection of employees’ shares of Social Security payroll taxes … equal to 6.2 percent of the compensation of eligible employees.Read More
Business owners and managers, you are well aware of the Paycheck Protection Program (PPP) and perhaps are participating as borrowers. Well there have been significant changes effective last week that liberalizes several key provisions of the program as originally approved by Congress.Read More
Business owners … you may qualify for one or more of three new tax credits announced and launched by the Treasury Department and the Internal Revenue Service.Read More
Required Minimum Distributions (RMDs) are mandatory for Americans who are participants in Individual Retirement Accounts (IRAs) or participate in a 401K plan. In this article we’ll lump all under the heading of retirement accounts. Since inception of the above plans, RMDs were the rule beginning at age 70½. With a stroke of his pen, President...Read More
You may have been among taxpayers who had an unexpected and unwelcomed experience last tax season … owing the feds rather than enjoying a refund. What happened? Well the tax code overhaul in 2017 resulted in positive tax savings for many if not most Americans. To complement these revisions to tax law, the IRS reduced...Read More
You’re familiar with Form I-9 to verify the identity and employment authorization of individuals hired for employment in the United States. Through April 30, employers can choose to use the previous edition dated 07/17/2017 or the new edition. The new edition is now available and becomes mandatory beginning May 1, 2020.Read More
THE EVER-EVOLVING FORM 1040 Hopes for a Postcard to File Your Taxes … Dashed Once Again! Earlier this year, the IRS heralded the introduction of a new and improved tax Form 1040. You’ve heard that the new tax law provides for a “postcard-sized” tax return. The intent was to simplify filing Form 1040 for the...Read More
MAIL ADDRESSED TO YOU … RETURN ADDRESS: IRS Know What to Do to Avoid Panic Attack You may get a letter from the IRS, if not this year, perhaps some time in the future. When/if that happens, work hard not to get your exercise by jumping to conclusions. It does not mean that you are...Read More
