The IRS recently announced that it would resume sending tax notices that were previously halted due to COVID-related processing backlogs. In addition to resuming the halted notices, the IRS has begun to send out 2022 balance due notices. Additionally, the IRS sends notices for the following reasons: To notify you of…
One of the special tax provisions that applies to qualified farmers is relief from the estimated tax requirements. Agriculture Producers may be familiar with the IRS rule stating that qualifying farmers who make two-thirds of their gross income from farming can wait to make their annual income tax payment until…
When it is time to make a tax payment, who would you trust more to get the payment to your account: the United States Postal Services (USPS) or the Internal Revenue Service (IRS)? If you’re like me, my response would be is there a third option? In the past two…
Imagine a scenario where the lottery jackpot is over 1 billion dollars and your goal is to win. Lucky for you, you can borrow the DeLorean for the weekend and travel into the future to get the winning numbers and win the big prize. Too bad Uncle Sam does not…
On August 24, 2022, the IRS announced that it will waive and refund late filing (Failure to File) penalties for taxpayers who filed their 2019 and/or 2020 tax returns late. The penalty relief applies to 2019 and 2020 individual, corporate, and partnership returns. Note that the relief does not apply…
How do I determine whether a worker is an employee or an independent contractor? The easiest way to answer this question is, do I have control over that individual? If the answer is yes, then they should most likely be considered an employee. If the answer is no, then they…
Investing in cryptocurrency is becoming increasingly mainstream and will likely become a permanent part of the U.S. financial ecosystem. There are currently over 8,600 forms of cryptocurrency, with Bitcoin being by far the most popular, commanding over 68% of the market share. Major retailers such as Microsoft, Home Depot, and…
The IRS launched the new W4 form in January 2020 and with this new form there were some major revisions that took place. The main objective of the new form is to accurately withhold the correct amount of income taxes for the employee. Here is a simple step-by-step guide to…
As we prepare to file our 2020 income tax returns, one question that may come up from your tax professional that you will need to be prepared for is: How much stimulus payment did you receive in the spring of 2020 and in January of 2021? The stimulus payments are…
When engaged in a trade or business, you are required by the Internal Revenue Service (IRS) to report certain payments you made to others throughout the year on a Form 1099. This coming January the Form 1099 filing season will look differently than it has in the past. Due to…
