Monthly News

August 2021

Scammers are using the Child Tax Credit as a new method to try to steal your personal or financial information.  The scammer will pretend to be the IRS and even use a fake IRS website by posing as the IRS. and requesting information using the Child Tax Credit program...

read more

July 2021

The IRS announced that as of June 25, there was a backlog of 16.7 million 2019 and 2020 individual tax returns.  The IRS expects to have the 2019 returns processed by the end of the summer. Taxpayers are receiving mixed messages from the IRS with erroneous notices and...

read more

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...

read more

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...

read more

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....

read more

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...

read more

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...

read more

January 2021

Businesses have a February 1st deadline to provide Forms 1099-MISC and 1099-NEC to recipients. The Form 1099-NEC, Non-employee Compensation was created specifically to report nonemployee compensation. It had previously been reported on Form 1099-MISC. Tax season will...

read more

December 2020

Great news to end the year. According to IRS IR-2020-280, stimulus direct deposits may be going out as soon as December 29 and checks will begin to be mailed on December 30. The legislation provides a direct payment of $600 for individual adults who meet the income...

read more

November 2020

The IRS is encouraging everyone to get ready to file taxes in 2021. Remember to keep all forms that show your income, credits, and deductions. If you owed money last year or experienced any personal or financial changes that might affect your taxes, you should check...

read more

October 2020

If you owed taxes or got a big refund when you filed your 2019 tax return, you may want to check your withholding. The IRS supplies a withholding estimator on its website. The estimator helps people determine if they are having the right amount of taxes withheld from...

read more

September 2020

President Trump has been trying to get an employee payroll tax cut for months but instead, it is a payroll tax deferral. The taxes would be required to be paid sometime after the end of the year. Employers are not required to comply with the payroll tax deferral...

read more

August 2020

The IRS is continuing to experience enforcement struggles.  In 2019 the audit rate was .4% and 2020 appears to be even lower.  This doesn’t mean you can just not pay your taxes without consequences.  There are several areas that the IRS is focusing their attention. ...

read more

July 2020

Covid-19 is affecting many people financially.  Here is some good news.  If you take money out of your retirement account and you are pre 59 ½, you don’t have to pay the 10% penalty on up to $100,000 of coronavirus-related distributions in 2020.  Also,...

read more

June 2020

The Stimulus checks have been sent out.  The Government may not send you a check they may be sending you a prepaid debit card instead.  The cards will come in a plain white envelope from Money Network Cardholder Services.  If you haven’t received your...

read more

May 2020

Be careful of scams involving the stimulus.  Con artists are calling and sending fake emails to people and claiming they will get their money faster if they provide their financial information.  The IRS normally not first contact people by phone or...

read more

April 2020

Covid-19 has taken over all aspects of our lives.  The IRS and taxes is no exception.  The IRS has shut down most of their services and has been having any employees that can work remotely do so.  The amount of people able to do this are few.  The...

read more

March 2020

Farmers and fishermen who chose not to make quarterly estimated tax payments have to file their 2019 Tax return by March 2nd along with the payment for all taxes owed to avoid the estimated tax penalty.  This applies to all farmers and fishers whose farming or...

read more

February 2020

The IRS is advocating for strong security to safeguard your identity.  There are many scammers trying to get your information by impersonating IRS workers on the phone.  Remember, the IRS won’t make aggressive phone calls that threaten arrest or...

read more

January 2020

Congress agreed to the government funding bill and expired or expiring tax breaks are being extended through 2020! Among the breaks were mortgage insurance premium write off, the medical expense AGI threshold which was supposed to go back to 10% for deducting medical...

read more

Subscribe To Our Newsletter

Join our mailing list to receive the latest news, tax tips, and updates from our team. 

You have Successfully Subscribed!