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The IRS reminds taxpayers at any income level that while they may file a request for a six-month extension of time to file from the traditional deadline of April 15th, there is no extension on the time for payment. While taxpayers may not incur a penalty or interest...
It used to be that people just wanted a tax return preparer who could “save them the most tax” or get them the “largest refund,” but nowadays, you have to also ensure your tax preparer takes steps to avoid being scammed out of your personal information! One tip the...
The Employee Retention Credit (ERC), a program created to help struggling small businesses during the pandemic, is just one of several IRS credits fraught with abuse, whether by criminals or well-intended taxpayers who are confused by the rules. IRS Commissioner,...
Choose your media outlet carefully to try to get complete information which, admittedly, is coming at warp speed these days! The IRS job cuts will not affect employees critical to the filing season. Half of the cuts will be from the Small Business/Self-Employed...
The IRS has recently announced that in zones declared by the Federal Emergency Management Agency (FEMA), any payment or filing deadlines between January 7, 2025, and October 15, 2025, will be postponed until October 15, 2025. The postponement includes any individual...
Erin Collins, National Taxpayer Advocate, has issued her annual report to congress noting the IRS has made significant progress over the past two years improving the taxpayer experience. She cites continued funding as a critical need to continue its service to...
With tax season quickly approaching, the IRS has compiled some important information and resources to help taxpayers with filing. Various tools the IRS has implemented such as an IRS Online Account and an Identity Protection Personal Identification Number (IP PIN) are...
Any payments individuals received from 2020-2025 for wildfires which occurred after 2014 are not subject to federal income tax. Taxpayers are allowed to amend returns for a year after the date of enactment (which was December 12, 2024) even if the statute of...
Now is the time for businesses to review their tax returns to make sure they did not claim the Employee Retention Credit (ERC) in error. The ERC was a focal point for many scammers spreading misinformation in the 2021 tax season, leading businesses to believe they...
Planning for retirement is a critical aspect of looking towards the future, and the IRS recently announced that the contribution limits for 401(k), 403(b), governmental 457, and the federal government’s Thrift Savings Plan will increase from $23,000 to $23,500 in...
