Recent Blog Posts
Did You Miss the April Tax Deadline?
Although the April tax deadline for filing 2023 returns and tax payments has passed, those who missed this deadline still have options for filing. It’s also important to remember that for those who requested a filing extension, that extension only applies to filing their tax return, not to making payments to the IRS. Individuals… Read More »
When the IRS Can Offer Disaster-Related Tax Relief
The last few years have seen an ever increasing number of devastating natural disasters in the U.S. Whether they take the form of hurricanes, winter storms, or wildfires, the results often have catastrophic consequences for those who live and work in the affected areas. In an effort to help these individuals, the IRS works… Read More »
Reporting Cryptocurrency and Other Digital Assets on Your Tax Return
Accounting for and reporting digital asset-related income has become an important part of filing federal income tax returns. Failing to account for these assets can result in delayed refunds, fees, and other penalties, so if you own cryptocurrency or another digital asset and have questions about how to report it, it’s important to start… Read More »
Tax Credits – What They Are and How They Can Benefit You
A tax credit is an amount that qualifying taxpayers can claim on their returns that could significantly lower their income tax. In fact, taxpayers who claim them successfully can not only lower their yearly tax bill, but could even increase their refunds. Read on for a clearer idea of the credits for which you… Read More »
What You Should Know About Federal Tax Liens
A tax lien occurs when the government has a legal claim against a taxpayer’s property for failure to pay a debt. These liens basically protect the federal government’s interest in a specific piece of property, which could include everything from a financial asset to real estate or even a personal possession. There are, however,… Read More »
What is a Temporary Delay of Collection and Do I Qualify for It?
Taxpayers who don’t pay their taxes in full when filing their returns and who don’t qualify for an extension can expect to receive a bill from the IRS for the amount owed. The collection process officially starts upon receipt of this bill, which means that interest and penalties on that amount will continue to… Read More »
Am I Eligible for an Offer in Compromise?
Taxpayers who are unable to meet their tax obligations to the IRS may qualify for an Offer in Compromise, which allows eligible individuals and business owners to settle their tax debts for less than the full amount they owe. For help determining whether you qualify for an offer in compromise, please reach out to… Read More »
The Importance of Safeguarding Tax Information
With the tax deadline officially past and the peak periods for natural disasters rapidly approaching in Florida and elsewhere in the U.S., taxpayers across the country are being encouraged to take steps to protect their important tax and financial information. Such preparation can go a long way towards helping taxpayers feel secure, especially in… Read More »
Connecticut Storm Victims Qualify for Tax Relief
Early in January, severe storms swept across the state of Connecticut, causing millions of dollars worth of damage and leaving many residents without shelter. These problems were exacerbated by the partial breach of at least two dams, which left an estimated 5,000 people without power and many others stranded in their homes. In an… Read More »
The Employer-Provided Childcare Tax Credit
Employers who provide childcare services to their employees could be eligible for the employer-provided childcare tax credit, which covers expenses for childcare facilities, childcare resources, and referrals. This credit is an incentive that offers qualifying businesses a tax credit of up to $150,000 to offset 25 percent of their yearly childcare facility expenditures, in… Read More »
