Elon Musk’s Tax rate

No, Elon Musk Didn’t Pay a 3.27 Percent Tax Rate – Reason https://bit.ly/3EPVk8Y

Can the IRS disclose your personal information?

What can happen if the IRS discloses your personal information? It depends. In one case, a taxpayer involved in a collection due process hearing fired her representative and hired a new one. The IRS sent the determination to the fired rep, rather than her new one and then proceeded with collection activity against her. She […]

Need an Amended return?

The deadline to file 2021 tax returns is now in the rearview mirror for most people. But what if you owe tax and didn’t request a filing extension? You should file soon to limit interest and penalties. Here are some after-tax-day tips from the IRS: Make a full or partial payment online by debit or […]

How Does Your State Rank on Unemployment Insurance Taxes?

Ranking Unemployment Insurance Taxes on Our 2022 State Business Tax Climate Index https://bit.ly/398rctA

Not-for-Profit deadline looms

Most tax-exempt organizations must file certain 2021 returns with the IRS by May 16, 2022. Last week, the IRS reminded calendar year not-for-profits of this deadline for submitting Forms 990, 990-N, 990-T and 4720 electronically. In fact, electronic filing is mandatory, generally through an IRS-authorized e-file provider. If organizations can’t meet the May 16 deadline, […]

Upgrade needed

The IRS desperately needs an IT upgrade. That, in a nutshell, was IRS Commissioner Charles Rettig’s recent message to a U.S. House subcommittee. As Rettig testified, the agency still uses some technology placed in service in the 1960s and 1970s. This means staffers can only slowly work their way through the IRS’s much-criticized backlog of […]

Thinking about converting your home into a rental property?

In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries potential tax benefits and pitfalls. You’re generally treated as a […]

IRS Customer Service

Groups representing tax lawyers and accountants have repeated calls for the IRS to act immediately to improve customer service, including the suspension of automated notices. As you may know, the agency is struggling to process a huge backlog of returns. One group, the American Institute of Certified Public Accountants (AICPA), said the IRS should discontinue […]

Miss the deadline?

The IRS is encouraging individuals who missed last Monday’s tax filing deadline to file as soon as possible. If you’re due a refund, you won’t receive a penalty for filing late. If you owe the IRS and missed the deadline without requesting an extension, filing sooner can limit the amount of penalties or interest assessed. […]

Tax considerations when adding a new partner at your business

Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it. Let’s further assume that your bases in your partnership interests are […]