Category Archives: Tax IRS
Many Taxpayers Receive Erroneous Balance Due Notices
Recently, the IRS announced that thousands of taxpayers have mistakenly received CP14 Balance Due notices, indicating that they owe an additional payment to the IRS. Additionally, taxpayers who paid their 2023 taxes electronically also reported that their accounts continue to say “pending” despite the fact that the agency received and processed their payments through… Read More »
Misleading and Inaccurate Tax Information Circulating on Social Media
Social media platforms have made it easier than ever to stay in touch with family and friends and to keep abreast of the latest news. Unfortunately, these platforms are also used for more nefarious purposes, like spreading false and misleading tax information to the public, which in turn can lead to tax issues and… Read More »
Business Tax Payment Plans
Individual taxpayers who are unable to pay the taxes they owe to the IRS are often eligible for payment plans that allow them to pay those debts off over time, with fewer penalties. Many, however, are unaware that such options also exist for businesses, which can also qualify for long-term payment plans. Installment Agreements… Read More »
New Tax Scams Target Art and Charitable Donation Deductions
The IRS recently warned taxpayers of three new tax schemes that are currently being used by dishonest promoters and unscrupulous tax companies. Read on to learn more about these schemes and how to protect yourself come tax season. Improper Art Donation Deductions More and more taxpayers have become targets of schemes that distort tax… Read More »
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 »
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 »
FAQs About 1099-K Forms
Many taxpayers receive 1099-K forms come tax season. These forms are a type of information return that is used to report certain types of payments received by a taxpayer during the year. Unfortunately, there is a lot of confusion about 1099-K forms, which can lead to costly mistakes when filing one’s return. To help… Read More »
