Category Archive

On August 15, 2022 The Internal Revenue Service announced that interest rates will increase for the calendar quarter beginning Oct. 1, 2022. For individuals, the rate for overpayments and underpayments will be 6% per year, compounded daily, up from 5% for the quarter that began on July 1. Here is a complete list of the new rates: 6% for overpayments … Read More

Aims to lower energy costs, increase cleaner production and reduce carbon emissions by roughly 40% by 2030 and; Lowers ACA health care premiums for millions of Americans while extending the expanded ACA coverage through 2025 Introduces a 15% corporate minimum tax and closes the carried interest loophole to make the biggest corporations and the ultra-wealthy pay their “fair share” Funds … Read More

New school year reminder to educators; maximum educator expense deduction rises to $300 in 2022 As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year. This is the first time … Read More

New IRS Strategic Plan:Agency issues five-year plan with goal to help taxpayers The Internal Revenue Service today released a new five-year Strategic Plan that outlines its goals to improve taxpayer service and tax administration. The IRS Strategic Plan FY2022-2026 will serve as a roadmap to help guide the agency’s programs and operations. The plan will also help meet the changing needs of … Read More

The IRS has worked hard over the last few years to move taxpayers to electronic filing, and 90% of individual taxpayers e-filed last year. Unfortunately, that still left some 17 million taxpayers to file paper returns. The IRS had processed 5 million taxpayer responses to proposed tax return adjustments. It took an average of more than eight months for a … Read More

Scammers often pose as the IRS to steal taxpayers’ personal information. They may reach out through fraudulent phone calls, emails, texts or social media messages. It’s important for taxpayers to understand how the IRS contacts people, so they don’t fall victim to identity thieves. Generally, the IRS will mail a notice or letter to a taxpayer first. Taxpayers can search … Read More

In an effort to prevent false tax returns from being e-filed the IRS is starting a new registration program for unlicensed tax preparers.  Licensed professionals such as CPAs, & attorneys, are not required to register with the IRS for the new electronic fingerprinting process.   Unlicensed preparers must schedule an appointment with an IRS authorized vendor for fingerprinting. You can schedule your appointment … Read More

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