IRS ADDING 10,000 TO CATCH UP TAX RETURNS

IRS adding 10,000 to catch up tax returns. The IRS intends to use an expedited hiring process to hire about 10,000 workers for processing tax returns and managing taxpayers accounts, according to a union that represents employees in the Service and other federal agencies. The National Treasury Employees Union (NTEU) National President Tony Reardon said […]

HOW TO AVOID 401(k) WITHDRAWAL TAXES

How to avoid 401(k) withdrawal taxes. With the Covid pandemic and need for more government money to help the U.S. economy along, Congress has been looking for alternative sources of income. Taxing retirement plans more than they had been before was discussed by the Congress as an alternate way of doing just that. The 401(k) […]

TAX RESOLUTION CRITICAL WITH IRS BACKLOG

Tax Resolution critical with IRS backlog. It looks like the IRS will send a second team of clerical workers to work on the backlog of unprocessed tax returns from the last filing season, that some estimates say is nearly 12 million tax returns. To make the matters worse, the IRS is updating the most outdated […]

TREASURY WARNS OF DIFFICULT TAX FILING YEAR

Treasury warns of difficult tax filing year. Treasury Department officials warned last month that this year’s tax season will be a challenge with the IRS starting to process returns on January 24th. That’s largely due to the IRS sizable backlog of returns from 2021. As of December 31, the agency had 6 million unprocessed returns–a […]

CHILD TAX CREDIT PAYMENTS AND YOUR 2021 TAXES

Child tax credit payments and your 2021 taxes. If you have received the advance Child Tax Credit payments from the IRS this year, along with millions of other Americans, you may be wondering how this might impact your 2021 tax return. Two tax code changes have happened since President Trump, then President Biden, took the […]

SMALL BUSINESS TAXES CREATING STRUCTURE

Small business taxes creating structure. This is a multi part article designed to help small businesses, in an effort to prevent them from obtaining tax debt’s at the beginning of their business. The first thing you need to determine, when creating a business, is the structure of the business. This is important, in regard to […]

IRS STARTS NEW PAGE FOR TAX FILING SEASON

IRS starts new page for tax filing season. The IRS has launched a new resource page on its website located at IRS.GOV, with the latest details and information for taxpayers during this hectic and unprecedented tax filing season. Its unprecedented because the IRS has never entered a tax season before, with so many back tax […]

INFORMATION FOR FILING SMALL BUSINESS TAXES

Information for filing small business taxes. We have worked with numerous small business owners who started a company, became successful, but forgot a few things at the beginning of the adventure, that eventually cost them dearly with the IRS and the local taxing authorities. The first thing that some business owners forget to do, is […]

PHISHING SCAMS TARGET TAX PROFESSIONALS

Phishing scams target tax professionals. With the number of scams in the United States exploding, the IRS is warning tax professionals again, to be aware of scams that specifically target the tax professional community. It is one of the reasons the IRS commissioned the Security Summit, a partnership between Tax Professionals, Tax Software Distributors and […]

IRS TAXPAYER ASSISTANCE CENTERS OPEN

IRS taxpayer assistance centers open. Years ago the IRS had a program, that started in just a few cities but was such a success that it went to dozens more, in an effort to give taxpayers with difficult situations a chance to get the IRS problem fixed in one weekend. It appears that the IRS […]