In a news release (IR-2023-169), the Internal Revenue Service (IRS) announced it will be temporarily stopping the processing of new Employee Retention Tax Credit (ERC) claims due to an increasing amount of fraudulent filings as many businesses are being coerced by ERC pop up scammers. According to the IRS:…
It isn’t often that I cut articles out of the newspaper anymore. In fact, just reading that sentence makes me want to check the closets for hidden VHS and cassette tapes and throw them out. That said, I cut out an op-ed by Kent Bush of the Rapid City Journal…
On June 9, 2022, the IRS announced that they would make a mid-year mileage rate change to combat the much higher-than-normal gas prices. If you qualify for mileage deductions, this could help you trim your 2022 tax bill. From July 1 through December 31 of 2022, the standard mileage rate…
It can be daunting to be contacted by the IRS. You may wonder if something was filed incorrectly or was missed, if there are financial consequences, and you may worry how to resolve the issue. Because of this, scammers have started to impersonate the IRS to trick you out of…
When you filed your 2020 tax return did it show a refund? Are you still waiting on that refund? If you answered yes to both questions, you are not alone. There are many taxpayers across the country still waiting for their tax refund. The Stats… The IRS is experiencing more…
Over the last 30 years, the ability to e-file returns with the Internal Revenue Service has grown substantially. However, the 1040-X, Amended US Individual Income Tax Return, has always been required to be filed with the Internal Revenue Service (IRS) on paper. On August 17, 2020, the IRS announced that…
On August 8, 2020, President Trump issued an executive order which directed the Department of the Treasury to enact a payroll tax deferral for some employees. This applied to payroll taxes on wages from September 1 through December 31, 2020. We are now left picking up the pieces of determining…
The IRS reminds taxpayers that Economic Impact Payments will be distributed automatically to most people starting this week. Eligible taxpayers who filed tax returns for 2019 or 2018 will receive the payments automatically. Automatic payments will also go in the near future to those people receiving Social Security retirement, survivors,…
The Families First Coronavirus Response Act (FFCRA) that went into effective on April 1, 2020, provides employers with less than 500 employees refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick leave and extended family medical leave wages to their employees for leave related to…
The IRS has announced that individuals who receive Social Security or Railroad Retirement benefits who have not been required to file tax returns do not need to do anything to receive the $1,200 Economic Impact Payment. The IRS will use direct deposit information available from Social Security to deposit the…
