The cost of keeping furry family members healthy

IRS reopens Voluntary Disclosure Program for ERTC claims

The IRS has announced the reopening of its Voluntary Disclosure Program (VDP) to help businesses resolve incorrect Employee Retention Tax Credit (ERTC) claims. The second VDP will run through Nov. 22, 2024. It’s designed to help businesses with questionable ERTC claims to self-correct and repay the money they received (at a 15% discount) after filing […]

Is my scholarship taxable?

Are scholarships taxable? As a new school year gets underway, it’s important to know the tax implications of scholarships if your child is fortunate enough to get one. Generally, scholarships that pay for tuition, books and required materials and fees are tax-free for students from elementary school through grad school or an accredited vocational school. […]

Sales Tax Rates in Major Cities, Midyear 2024

Sales Tax Rates in Major Cities, Midyear 2024 https://bit.ly/3MeoqDB

Offer in Compromise reversed

Certain taxpayers who can’t pay their full tax liability may seek an Offer in Compromise (OIC) with the IRS. An OIC is an agreement that settles the debt for less than owed if the taxpayers can demonstrate verifiable financial hardship. In one case, a couple was granted an OIC to resolve their disputed tax liabilities. […]

IRS grants extra time for disaster victims

Hurricane Debby has left extensive property destruction and disruption to the lives in its path. Fortunately, those affected by the storm in five separate states have now received federal tax relief. Residents and businesses in all of South Carolina and Vermont, 61 counties in Florida, 55 counties in Georgia and 66 counties in North Carolina […]

Where Do People Pay the Most in Property Taxes?

Where Do People Pay the Most in Property Taxes? https://bit.ly/3YSQFz6

IRS is still hiring

With some of the funding made available from the Inflation Reduction Act, the IRS is hiring certain positions. Specifically, it’s looking for generalist accountants to help investigate and collect tax from wealthy people who don’t file or who file but don’t pay what they owe. IRS Deputy Commissioner Douglas O’Donnell recently stated that the agency […]

Tax Free Tips?

While campaigning for president, both former President Donald Trump and Vice President Kamala Harris say they will eliminate taxes on tips if elected. Trump, who made the campaign promise first, hasn’t released details about his plan, but he did suggest that it would eliminate federal income tax and payroll tax, including Social Security. Harris said […]

Six tax issues to consider if you’re getting divorced

Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, several tax concerns may need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are six issues to be aware of if you’re in the process of […]