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

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