Calculate Your Stimulus Payment

This is called the economic impact payment by the IRS. The max per taxpayer is $1,200 and $2,400 per married filing joint couple. For each qualifying child there is an additional $500. The phase out starts depending on your filings … Read More

COVID-19 is Even Affecting Net Operating Losses (NOL)

The Internal Revenue Service this week issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses, in addition the agency issued tax relief for partnerships filing amended returns. COVID Relief for taxpayers claiming NOLsRevenue Procedure 2020-24 provides … Read More

IRS Extends More Tax Deadlines

The Department of Treasury and the Internal Revenue Service this week announced extensions of additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes … Read More

Will the Equifax Data Breach Affect My Tax Filing?

The IRS has relayed some information about the Equifax data breach that affected around 143 million tax payers that although it exposed names, social security numbers, and addresses it would be near impossible to use this to file a fraudulent … Read More

Tax Relief For Victims of Hurricane Irma

According to the IRS website there is tax relief for those affected here in Florida by hurricane Irma.  Taxpayers on an extension for their 2016 tax return that ends October 16, 2017 now have until the end of January to … Read More

Expect 2016 Tax Refund Delays

There is a new federal tax law that will cause a delay in received refunds in 2017 for the tax year 2016 filings.  If you planed on filing your tax return as early as possible you will have to wait … Read More

Recent Tax Bill Scam

The IRS is making people aware of a recent tax bill scam.  This scam involves sending people fake IRS tax notices that say the tax payer owes more money due to the Affordable Care Act.  They clearly chose this component … Read More

Struggling to File Form 990-N

If you are struggling to file the Form 990-N know that you are not alone.  The IRS stood up a new form 990-N e-postcard electronic filing system on 29 February 2016.  This new system replaced a non-government third party.  Numerous … Read More

Don’t Pay Your IRS Back Taxes With An iTunes Gift Card

According the the FTC there is a recent scam where people will pretend to be from the IRS and request that you pay your back taxes using an iTunes gift card.  This is a scam.  The IRS will not call … Read More

700 New Jobs at the IRS

The IRS will be hiring roughly 700 new staff members to assist with enforcement.  This should theoretically help resolve tax issues faster as you or your hired CPA, EA, or attorney could spend less time on hold and less time … Read More

How to Choose a Tax Professional

In order to do your taxes you hand over a lot of personal information. First and foremost you want to choose someone you can trust. Some good questions to ask would be: What do you do with my personal information, … Read More

Only Check ‘Where’s My Refund’ Once a Day

If you have filed your tax return and you wish to track your refund the IRS offers an online tool to track this.  According to IRS.gov they have been reporting a high number of online requests on this tool.  So … Read More

Professional Tax Return Preparers

As of now anyone who prepares tax forms needs to have a PTIN a Preparer Tax Identification Number.  According to IRS.gov there are currently 638,317 active PTINs.

IRS To Accept Tax Returns with Education Credits, Depreciation Next Week

Beginning next week the IRS will accept tax returns with Education Credits and Depreciation. Educations Credits use form 8863 Depreciation uses form 4562 See the article at IRS.gov