IRS Reminds Employers of Penalty Relief Related to Claims for Employee Retention Credit
A couple of weeks ago we covered the IRS backlog of amended payroll tax returns (941X) for employee retention credits. Now, the Treasury and IRS have responded to requests from taxpayers for relief from penalties with IR-2022-89.
Credit Management
This is another article that we hope you will pass along to a young person you may know. If it helps them, we both did our good deeds for the day.
Lenders will often use your FICO score in making loan decisions. This can affect if you receive a loan or in setting the interest rate they will charge on a loan.
Where’s my ERC refund?
Many businesses filed for employee retention credits. Unfortunately, the IRS has a staggering backlog of Form 941’s to process as a result of ERC filings along with normal quarterly filings.
Brothers
Imagine twin brothers. The first brother graduates from high school and goes to work as a plumber at age 18. If you have any plumbing work done, you will know the kid is fairly smart
Cash Stuffing
When I was a kid, my grandparents kept several envelopes of cash in a desk drawer. It was their budgeting system and when money would come in it was allocated between various upcoming expenses each in a different envelope. It was very quaint, but I never recall them expressing any stress about money. The world…
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Unclaimed Property – Could some of it be yours?
We run this post periodically and, each time several people report finding funds held by the state. Also, we’re just happy to send something out that has nothing to do with COVID and the pandemic. Each year, unclaimed or abandoned assets are turned over to Alabama Unclaimed Property by financial institutions and businesses that lose…
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Charitable Contributions
In 2021, taxpayers who do not itemize are allowed to deduct up to $300 ($600 married filing jointly) of cash contributions made to qualifying charitable organizations. Individuals are allowed to deduct contributions to qualifying charities subject to limits based on adjusted gross income (AGI). For example, an individual’s deduction for a cash contribution to a qualifying…
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State and Local Tax Deductions
If you itemize your deductions, you are allowed a deduction on your federal return for certain taxes you paid. The deduction is commonly referred to as SALT, which is short for state and local tax. This includes real estate taxes, personal property taxes (ie car or boat tags) and state and local income taxes. The deduction is…
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Ukraine to Citizens – No Taxes Due on Captured Russian Tanks
Interesting article from CPA Practice Advisor on Ukraine Tax Authority’s position to pass on captured spoils of war. Spoils of War? Ukraine Says No Taxes Due on Captured Russian Tanks Isaac M. O’Bannon – March 3, 2022, CPA Practice Advisor “Have you captured a Russian tank or armored personnel carrier and are worried about how…
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Tips on How to be a Great Individual Tax Client
We’ve just sent out 2021 individual tax organizers. Clients use the organizer in different ways and complete to different degrees –which is fine. Some are meticulously complete while other organizers are return sealed in the mailing envelope untouched by human hands. The most important part of the organizer are the questions on the first few pages….
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