New Announcement for Tax Returns!

Ferrone & Associates CPAsBlog

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

Virtual Bots Are Increasing In Hopes To Decrease Phone Wait Times

Ferrone & Associates CPAsBlog

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

As Gas Prices Skyrocket The IRS Increases The Standard Mileage Rate

Ferrone & Associates CPAsBlog

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

IRS Uses Their Annual Dirty Dozen List To Warn Taxpayers Of Common Scams

Ferrone & Associates CPAsBlog

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

IRS Is Ramping Up Retirement Plan Examinations

Ferrone & Associates CPAsBlog

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

IRS Urges Taxpayers To Continue To Watch Out For Pandemic-Related Scams

Ferrone & Associates CPAsBlog

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

The Summer Is Quickly Approaching But Tax Planning Is Year-Round

Ferrone & Associates CPAsBlog

Now that the April filing deadline has passed, most people are spending more time thinking about summer vacations than taxes. However, summer is a great time to review withholding and see if summer plans will affect next year’s tax return. Below are some common summertime tax situations and tips to help taxpayers figure out if they apply to their tax … Read More

Ready to Sell Your Home? 8 Key Points To Think About

Ferrone & Associates CPAsBlog

A lot of families move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. Here are some things that homeowners should think about when selling a home: 1. Ownership and useTo claim the exclusion, the taxpayer must meet ownership and use … Read More

New Corporate Tax Rates

Ferrone & Associates CPAsBlog

This month a major proposal was announced by Treasury Secretary Janet Yellen at the Brussels Economic Forum. The idea calls on the European Union and the United States to enforce the global corporate minimum tax at 15% in all territories. 137 countries have signed the international tax reform agreement supported by the Organization for Economic Co-operation and Development. The plans … Read More

Important Financial Steps to Protect Yourself When Natural Disasters Occur

Ferrone & Associates CPAsBlog

Ahead of hurricane season, IRS offers tips on ways to prepare for natural disasters WASHINGTON —The Internal Revenue Service reminded taxpayers today that May includes National Hurricane Preparedness Week and is National Wildfire Awareness Month. This is a good time to create or review an emergency preparedness plan, including steps to protect important tax-related information. In 2021, the Federal Emergency Management Agency (FEMA) … Read More