Tax deadline delayed until May 17

Ferrone & Associates CPAsBlog

The Internal Revenue Service has pushed back the tax-filing deadline until May 17 after heavy pressure from Congress and tax and accounting groups. The move will give taxpayers and tax professionals an extra month after the original deadline of April 15. May 15 falls on a Saturday, so the date was moved up until Monday, May 17. Last year, the … Read More

Big News for Unemployment Compensation

Ferrone & Associates CPAsBlog

Extra Extra! Read all about it! New Exclusion of up to $10,200 of Unemployment Compensation If your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up … Read More

Momentum builds for delaying tax deadline

Ferrone & Associates CPAsBlog

Leaders of the House Ways and Means Committee and accounting groups are calling for extending the tax deadline to give the IRS, taxpayers and tax professionals an extra three months. On Monday, the House Ways and Means Committee urged the IRS to extend the 2021 tax filing season until July 15, noting that the COVID-19 pandemic is continuing to impose … Read More

Resolving Workplace Disputes

Ferrone & Associates CPAsBlog

It is inevitable that conflicts and disagreements with coworkers will crop up no matter if you work from home or in an office.  Whether conflicts stem from miscommunication, clashing priorities, or personality differences, it’s important for your sake, your team members’ sake, and the sake of the company that you resolve the issue professionally and courteously. Here are a few … Read More

10 Smart Ways to Use Your IRS Stimulus Check

Ferrone & Associates CPAsBlog

Many Americans will soon be receiving additional stimulus checks from the federal government sometime in 2021. Here are some suggestions to use your stimulus check in the most efficient way.  1. Use the money to pay essential expenses. This is why the government is making these payments. Rent and mortgage payments top the list. Car payments too. Feeding your family. … Read More

Erroneous notices and the latest IRS delays

Ferrone & Associates CPAsBlog

The IRS acknowledges that there is a backlog of unprocessed 2019 tax returns and that it sent erroneous CP59 notices to certain taxpayers. Those who filed their 2019 return but nevertheless received the CP59 should disregard the notice and do not need to take any action. COVID-19 continues to cause delays in live phone support and answers to notice responses. … Read More

IRS warns of ghost tax preparers

Ferrone & Associates CPAsBlog

The Internal Revenue Service issued a warning to taxpayers to beware of unethical “ghost” tax preparers who don’t sign tax returns for clients. A ghost preparer may prepare and print out the return, but ask the client to sign it and mail it to the IRS. For electronically filed returns, the ghost will prepare but refuse to digitally sign the … Read More

5 Tips and Tricks to Emerge a Winner After COVID-19

Ferrone & Associates CPAsBlog

Although the COVID-19 pandemic is still raging, business owners have started to turn their minds to what will happen after most of the vaccines have been administered and the world is able to return to some semblance of normality.  With all the changes thrown your way due to covid-19 here are some tips and tricks for avoiding “zoom fatigue” and … Read More

Living on the Edge

Ferrone & Associates CPAsBlog

Much of today’s accounting world revolves around technology. As more and more firms work remotely and use technology to exchange information with their clients, security is becoming a large issue. With things changing so quickly, firms must always be up-to-date with the newest and best technology so we can have an edge up.  At Ferrone and Associates CPAs, the security … Read More

Yet another scam to be aware of: Fraudulent 1099-G filings

Ferrone & Associates CPAsBlog

On January 28, the Internal Revenue Service (IRS) issued a notice urging taxpayers who receive Forms 1099-G for unemployment benefits they did not actually get because of identify theft to contact their appropriate state agency for a corrected form. Scammers took advantage of the pandemic by filing fraudulent claims for unemployment compensation using stolen personal information of individuals who had not filed … Read More