Due to the COVID-19 pandemic, the IRS suspended the mailing of automated reminders to pay overdue tax bills starting in February 2022. These reminders would have normally been issued as a follow up after the initial notice. Although these reminder notices were suspended, the failure-to-pay penalty continues to accrue for taxpayers who did not fully […]
February 12 – Non-Payroll Taxes File Form 945 to report income tax withheld for 2023 on all nonpayroll items. This due date applies only if you deposited the tax for the year in full and on time.
February 2 – Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you.
In its ongoing effort to combat questionable Employee Retention Credit (ERC) claims, the IRS has sent more than 20,000 letters advising taxpayers that the agency is disallowing their claims. This initial batch of letters is going to businesses that did not exist or did not have paid employees during the eligibility period (March 13, 2020, […]
As you approach retirement age, the thought of returning to work might be on your mind. Whether you’re considering part-time roles or fully immersing yourself back into the workforce, this article is designed to provide insights into the financial aspects of such a decision. We understand that your return to work is a unique journey, […]
In a significant development to assist individuals, businesses, and tax-exempt organizations grappling with back taxes, the Internal Revenue Service (IRS) has introduced new penalty relief for approximately 4.7 million entities that did not receive automated collection reminder notices during the pandemic.
As a taxpayer and business owner, you may be considering converting your personal vehicle to business use. This decision can offer significant tax and financial advantages, but it’s crucial to understand the process and legal implications. Here’s a step-by-step guide to help you navigate this transition.
Gift and estate taxes are both part of the federal transfer tax system and are interconnected. Gift tax applies to transfers of wealth during a person’s lifetime. If a person gives another person a gift that exceeds the annual gift tax exclusion ($17,000 in 2023), the giver (also referred to as the donor) may have […]
December 1 – Employers During December, ask employees whose withholding allowances will be different in 2024 to fill out a new Form W4 or Form W4(SP).
December 1 – Time for Year-End Tax PlanningDecember is the month to take final actions that can affect your tax result for 2023. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2023 should call for a tax planning consultation appointment.
