It’s National Small Business Week! Here Are Some Free Resources Offered To You From The IRS

Ferrone & Associates CPAsBlog

IRS YouTube Video:IRS Small Business Self-Employed Tax Center  WASHINGTON – During National Small Business Week, May 1 to 7, the IRS is highlighting tax benefits and resources tied to the Small Business Administration theme for this year’s celebration: “Building a Better America through Entrepreneurship.” During National Small Business Week, the Internal Revenue Service wants taxpayers to know there are free resources … Read More

Ever Wondered If Your Tax Withholding From Your Paycheck Is Correct? Here’s How To Find Out

Ferrone & Associates CPAsBlog

All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld. Doing this now can help protect against facing an unexpected tax bill or penalty in 2023. The sooner taxpayers check their withholding, the easier it is to get the right amount of tax withheld. Taxpayers whose employers withhold … Read More

You’ve Heard of The Bill of Rights But Have You Ever Heard of Taxpayer Bill Of Rights?

Ferrone & Associates CPAsBlog

Every taxpayer has a set of fundamental rights when working with the IRS which are known collectively as the Taxpayer Bill of Rights. One of these is the right to challenge the IRS’s position and be heard. Here are some details about what this right means for taxpayers. Taxpayers have the right to: Raise objections. Provide additional documentation in response to … Read More

Tax Tips: Extension, Credits, and Tracking Your Refund

Ferrone & Associates CPAsBlog

Taxpayers with an extension can file when they are ready but most should file by October 17, 2022. Special deadline exceptions may apply for some disaster victims, certain military service members and eligible support personnel in combat zones. Reconciling advance child tax credit or claiming recovery rebate creditPeople who need to reconcile advance child tax credit payments or claim the recovery rebate credit will need additional information about … Read More

2022 IRS Nationwide Tax Forum for Tax Professionals

Ferrone & Associates CPAsBlog

WASHINGTON — The Internal Revenue Service today announced the 2022 IRS Nationwide Tax Forum will be held virtually over five weeks starting July 19, with a series of live-streamed webinars every Tuesday, Wednesday and Thursday. Held each summer for more than 30 years, the IRS Nationwide Tax Forum is the IRS’s marquee outreach event to the tax professional community. Even … Read More

Who Qualifies For Tax Extensions? Quick Facts for 2021 Filing

Ferrone & Associates CPAsBlog

WASHINGTON — Taxpayers requesting an extension will have until Monday, Oct. 17, 2022, to file a return. Not everyone has to ask for more time, however. Disaster victims, taxpayers serving in combat zones and those living abroad automatically have longer to file. An extension of time to file will also automatically process when taxpayers pay all or part of their taxes electronically … Read More

The IRS Shares Important Information Correcting Common Myths

Ferrone & Associates CPAsBlog

WASHINGTON – With the April 18 tax-filing deadline closing in for most taxpayers, the Internal Revenue Service wants to dispel some new and common myths about getting refund details or speeding up tax refunds. A number of these myths circulate on social media every tax season. The IRS continues to process 2021 tax returns and deliver refunds, with nine out of 10 … Read More

What Does It Mean? A Guide To Common Tax Forms

Ferrone & Associates CPAsBlog

There are several tax forms issued by the IRS. It can be difficult to keep up with what’s what but don’t worry, in the table below you will find an overview of frequently used forms and what purpose they serve.  Acronyms:  IRA (Individual Retirement Account)  HSA (Health Savings Account)  MSA (Medical Savings Account)  Form Number Form Name & Purpose W-2 … Read More

For those who make estimated federal tax payments, the first quarter deadline is Monday, April 18

Ferrone & Associates CPAsBlog

WASHINGTON — The Internal Revenue Service today reminds those who make estimated tax payments such as self-employed individuals, retirees, investors, businesses, corporations and others that the payment for the first quarter of 2022 is due Monday, April 18. The 2022 Form 1040-ES, Estimated Tax for Individuals, can help taxpayers estimate their first quarterly tax payment. Income taxes are a pay-as-you-go process. This means, … Read More

IRS Reminds Holders of Foreign Bank and Financial Accounts of April FBAR Deadline

Ferrone & Associates CPAsBlog

WASHINGTON – The Internal Revenue Service today reminded U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is April 15. For additional information about filing deadlines, filers should look to Financial Crimes Enforcement Network’s (FinCEN) website PDF for further information. Filers missing the April deadlines will receive an automatic extension … Read More