Providing a company-owned vehicle for employees can be a good idea for both the business and the employee. Employees who drive a lot for their job can save wear and tear on their own vehicles, while the company can enjoy…
With the 2022 tax season rapidly approaching and the holidays in full swing, the Internal Revenue Service encourages taxpayers to be vigilant in protecting sensitive financial information from identity thieves. The IRS warns that taxpayers face a heightened risk in…
As part of coronavirus relief legislation, self-employed individuals and household employers were allowed to defer the payment of certain Social Security taxes for the tax year 2020 over two calendar years. Half of this tax is due by the end…
The IRS has announced (in Rev. Proc. 2021-36, pg 357) that the ACA affordability threshold will decrease to 9.61% starting January 1, 2022. The threshold was previously 9.83% in 2021. This decreased threshold translates into higher employer contributions towards their…
Taxpayers and tax preparers alike have become increasingly frustrated with the speed at which the Internal Revenue Service has been processing tax returns. This backlog has been caused by a number of factors, the latest of which is discussed in…
Each year, the IRS compiles a list of 12 common tax scams that taxpayers may encounter during the year. This year, the "dirty dozen" list focuses on scams that target individual taxpayers, with special emphasis on aggressive and evolving schemes related…
As you may have heard, the IRS has announced special federal income tax return filing and payment relief in response to the ongoing coronavirus (COVID-19) pandemic. For a taxpayer with a federal income tax return or a federal income tax…
An update on our previously posted article... The Internal Revenue Service has announced it will issue refunds to taxpayers even if the federal government shutdown extends into tax season. In previous shutdown situations, the IRS accepted tax returns but delayed…