2020 Deadline tomorrow

May 17 is an important upcoming deadline for the 1 million people who didn’t file their 2020 federal tax returns and are due a refund. Indeed, that’s the filing deadline to claim an estimated more than $1 billion in tax refunds that the IRS says remain available. There’s no penalty for failing to file if […]

IRS warns on another scam

The IRS is warning about a tax scam that takes advantage of a U.S. tax treaty with Malta. Bad actors encourage U.S. taxpayers to make unlimited noncash contributions to Maltese individual retirement arrangements. Promoters may refer to them as “pension funds.” Participants usually contribute highly appreciated assets, which are then sold for cash. They’re told […]

GAO issues audit of IRS

The Government Accountability Office (GAO) has issued an audit report (https://bit.ly/4drmu79 ) for the IRS’s fiscal year 2023 financial statements. Although the GAO generally believes the agency’s internal controls are effective in preventing misstatements, it cautions about ongoing “significant deficiencies” when it comes to unpaid assessments and information system controls. It also identifies three new […]

IRS reminds Taxpayers to review their disaster emergency plan

The IRS is reminding taxpayers that with peak periods for natural disasters approaching, this is an ideal time to review and protect important tax and financial information as part of a disaster emergency plan. Indeed, May is National Wildfire Awareness Month, and the week of May 5 begins National Hurricane Preparedness Week. Start by keeping […]

Biden promises no tax hike

On April 30, U.S. Treasury Secretary Janet Yellen told the House Ways and Means Committee that “no family earning less than $400,000 will face a tax hike” under President Biden’s proposed budget. Yellen testified in front of the committee about a variety of tax issues (domestic and international), as a battle is brewing in Congress […]

Tax Benefits may help offset the cost of making business accessible

Certain small business owners may qualify for tax breaks by making their premises accessible to people with disabilities. The CDC reports that 61 million people in the United States are affected by disabilities. The Disabled Access Credit is a nonrefundable credit for up to 50% of eligible access expenditures made by qualifying small businesses in […]

Non profit deadline Approaching

The tax filing deadline has passed for most of us, but not for all. For example, the IRS is reminding tax-exempt entities that they must file their 2023 returns by May 15. Those who can’t meet that deadline may seek a six-month extension. Many of the Form 990 series returns and Form 4720 (for private […]

Did you know that fees must also be refunded with Airline Tickets?

If you’re traveling this summer, you might be familiar with all the taxes and fees that are added to airplane fares. These include a 7.5% federal excise tax and other government-imposed fees. Recently, the U.S. Department of Transportation issued a rule that airlines must refund full fares, including taxes and fees, when passengers are owed […]

Time to claim $1 billion in tax refunds from 2020 expires on May 17

IRS reminder: Time to claim $1 billion in tax refunds from 2020 expires on May 17 – CNBC https://bit.ly/4dw4SXF

IRS website offers Small Business Center resources

The IRS is encouraging small businesses and self-employed taxpayers to bookmark its Small Business and Self-Employed Tax Center (https://bit.ly/3UEConh). This corner of the IRS’s website provides resources for businesses with assets of less than $10 million and taxpayers who file Form 1040 or 1040-SR, Schedules C, E, F or Form 2106. Resources include relevant publications […]