Category: Tax Preparation

Legislation signed in March allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for […]

The Internal Revenue Service today reminds businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms. Although […]

A new stimulus bill is passing through congress and looks to be on the President’s desk imminently.  The bill is unique for many reasons, one of which is that it […]

An S corporation is a “pass-through” entity — profits and losses from the corporation are reported on the tax returns of individual shareholders who also are responsible for paying S […]

Death doesn’t cancel one final responsibility: paying income taxes. A decedent’s executor must file one last income tax return for the deceased if the deceased’s income surpassed a certain threshold. […]

The Head of Household filing status allowed by the IRS is the most advantageous filing status for a single taxpayer. Numerous rules apply to qualify, but if you do, it […]

When you sell a capital asset — property owned and used for personal or investment purposes — the sale will result in either a capital gain or a capital loss. […]

The IRS has revised Form 941, Employer’s Quarterly Federal Tax Return, to accommodate COVID-19-related employment tax credits granted under the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, […]

The IRS can now give eligible taxpayers an “IP PIN,” a six-digit code to help prevent the misuse of Social Security numbers on fraudulent federal income tax returns. As the […]

In a recent statement, the IRS noted that most taxpayers are issued refunds by the IRS in fewer than 21 days. However, a number of factors can delay the refund […]

As it typically does, the IRS has made inflation adjustments for various tax items for the coming year — 2020. More details can be found in Rev. Proc. 2019-44. Below are […]

Although the tax reform passed late in 2017 seemed to change everything, it actually had little effect on the Earned Income Tax Credit (EITC). But the credit is still complicated, […]