IRS Compliance

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IRS Tax Notices – Updates & Tips

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…

July 20, 2023

Paying Taxes – The Electronic Way

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…

January 19, 2023

The Value of Extending a Tax Return

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…

September 27, 2022

New IRS Penalty Relief

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…

August 29, 2022

Expansion of Cryptocurrency Reporting

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…

September 24, 2021

Completing Form W4

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…

June 28, 2021

Stimulus Payment and Your 2020 Tax Return

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…

February 9, 2021