News

The Internal Revenue Service recently released a report which indicates that they are auditing tax returns for high-earning Taxpayers much more aggressively than they have in the past several years.

Every year, the IRS releases its “Dirty Dozen” list of the biggest potentially abusive arrangements that they recommend taxpayers avoid. This week, they released the first four of this year’s twelve transactions that taxpayers should look out for.

As part of National Small Business Week, the IRS highlighted to business owners that although we are in a tight job market, there are special tax credits that can help employers hire workers.

COVID-19 has shifted many work environments into hybrid and remote work, causing potential state withholding tax consequences. Since an employee’s home may not always be in the same state as the company that employs them, these businesses could be subject to multi-state tax obligations.

The IRS has temporarily revised their process for reviewing applications for US Residency Certification, Form 8802. The revised procedures will apply when the IRS has not yet completed processing the applicant’s most recently filed tax return.

Scams and schemes are ongoing, and you need to stay vigilant about securing your computers, phones, and other devices. Having strong cybersecurity and scam recognition is necessary to reduce the threat of identity theft.

If you make contributions to your Individual Retirement Arrangement (IRA) up until April 18, 2022, it can be claimed for a deduction on your 2021 tax return.

These are questions we get frequently during tax time - “What do I do if my ex claimed the kids, and this was my year to claim them?” – “Can I claim my children even though they live with my ex?”

The end of January meant one thing for us Tax Professionals – the official kick-off of tax season. In addition to the IRS opening the e-filing system which typically goes live at the end of January (it went live January 24^th this year – 2022), the deadline for businesses to distribute income statements such as w-2s to employees also occurred.

This is a question we’ve heard frequently from Taxpayers with an overdue IRS balance or an unfiled return: do penalties and interest stop since the IRS is backlogged anyway? The answer to that question is...