The Blog

There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. IRAs provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, mutual fund, or stockbroker. Here are some things to know about a … Read More

In today’s economy it is crucial to stay up to date on best practices. Here are two strategies to stay ahead during a market downturn. 1. By a large margin: Convert your IRA to a Roth IRA. If you make the conversion when the market is down, the portfolio conversions aren’t as high in a down market. Two other advantages are that Roth … Read More

Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good news is business travelers may be able off-set some of those cost by claiming business travel deductions when they file their taxes. Here are some details about these valuable deductions that all business travels should know.Business … Read More

Compiled annually, the Dirty Dozen lists a variety of common scams that taxpayers can encounter anytime. The IRS warns taxpayers, tax professionals and financial institutions to beware of these scams. This year’s list is divided into five groups. Here’s an overview of the top twelve tax scams of 2022. Potentially abusive arrangementsThe 2022 Dirty Dozen begins with four transactions that … Read More

Some good news on IRS tax return processing. The IRS has dedicated the past several months on processing a key group of 2020 individual tax returns filed during the 2021 and anticipate having them completed by the end of this week. As of June 10, more than 4.5 million of the 4.7 million individual paper tax returns had been processed.  … Read More

WASHINGTON – The Internal Revenue Service today announced expanded voice bot options to help eligible taxpayers easily verify their identity to set up or modify a payment plan while avoiding long wait times. “This is part of a wider effort at the IRS to help improve the experience of taxpayers,” said IRS Commissioner Chuck Rettig. “We continue to look for … Read More

WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard mileage rate for business travel … Read More

Suspicious communications in all its forms designed to either trick, surprise or scare someone into responding before thinking is No. 7 on the 2022 “Dirty Dozen” scams warning list, the Internal Revenue Service announced today, warning everyone to be on the lookout for bogus calls, texts, emails and posts online to gain trust or steal. Criminals have used these methods … Read More

The Internal Revenue Service’s Employee Retirement Plans is pilot-testing a new pre-examination retirement plan compliance program, starting in June of this year. The goal of the pilot program is to shorten the length of time needed for exams. In an email issued last Friday, it said the IRS would notify plan sponsors by letter if their retirement plan was selected … Read More

The Internal Revenue Service today kicked off the week with the 5th item on its 2022 annual “Dirty Dozen” scams warning list, with a sad reminder that criminals still use the COVID-19 pandemic to steal people’s money and identity with bogus emails, social media posts and unexpected phone calls, among other things. These scams can take a variety of forms, … Read More