June 2021

The IRS is using information from Form 1099-K for audits.  If your business makes sales by credit card, it is important to correctly report the income on your income tax return.  If you don’t report the income from credit card sales on the correct line of your income...

May 2021

The IRS has expanded the dependent care credit.  The credit has been expanded in several ways.  The maximum amount of eligible expenses has almost tripled. The maximum rate has increased from 35 percent to 50 percent. Currently the new dependent rules are only for...

April 2021

The deadline for filing the 1040 returns for 2020 has been extended until May 17, 2021. However, the deadline for paying the 1st estimated payments remains on April 15. The amount of the estimated payments is based on the tax liability of the previous year....

March 2021

The Internal Revenue Service reminds first-time filers and those who usually don’t have a federal filing requirement to consider filing a 2020 tax return. They may be eligible to claim the Recovery Rebate Credit if they didn’t receive the amount of stimulus that they...

February 2021

The IRS has been overwhelmed with processing tax returns and answering phone calls as a result of the pandemic. The IRS phone lines are known for notoriously long waits during tax season in normal years. However, this is not a normal year. The IRS is normally...

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