IRS backlog…Tax Season is Coming
The IRS is already facing a backlog and the 2021 tax season is about to start. CBS News reports more here: https://apple.news/AY92bgfQiS221oQq758lDig
IRS Delays in Processing
This has been a rough year for interactions with the Internal Revenue Service. In fairness to the IRS, they are massively understaffed thanks to the Covid pandemic. That does [...]
The Child Tax Credit
Taxes are a huge issue in Washington right now and one way or the other, we know changes are coming. We will continue to report on proposals on the [...]
Mike’s Tax Bites – Tax Law Changes
There have been many changes to the tax laws in the last several months and with the coming tax season, I thought I would spend the next several blogs [...]
PPP- “Double Dip” Allowed
Late in the evening of December 20th, Congress passed the Consolidated Appropriations Act. It is anticipated that President Trump will sign this act into law shortly. The Act provides [...]
Mike’s Tax Bites – Year End Planning
With the holidays approaching, I thought I would do a number of blogs on year-end planning as well as the potential tax changes under the new Biden administration. Today, [...]
Happy Memorial Day!
I can’t believe we are coming up to the Memorial Day weekend. This is always a good time to pause and reflect on the sacrifices of our brave heroes [...]
Taking care of business: recordkeeping for small businesses
We get asked this question frequently and it is an important issue….record keeping. The IRS gives very good guidance on when and why one should keep good accounting of [...]
Fake IRS Calls Increase During Tax Season
Unfortunately, tax season always brings out the scammers. IRS just issued the following advice and reminders. If you should ever receive any contact from IRS, either real or a [...]
Client Mailbag- Gambling Winnings
Dear Mike; I just got back from a trip to Vegas and was lucky and had some good winnings. Are these gains taxable? Cool Hand Luke Dear Cool Hand [...]
IRS Waives Penalty for Many Whose Tax Withholding and Estimated Tax Payments Fell Short in the 2018 Tax Year
The IRS has just released news of waiving the penalty for many taxpayers whose tax withholding and estimated tax payments fell short in 2018. The following was posted by [...]
Crypto-Currency
In our ongoing series on year-end tax tips, we thought we would address Crypto-currency trading. Although the crypto craze seems to be slowing, we find many of our clients have [...]