Tracking the Economic Impact of the Trump Tariffs

Tracking the Economic Impact of the Trump Tariffs https://bit.ly/3Qr67Ni

A reminder to report large cash transactions

A reminder for businesses: Use IRS Form 8300 to report cash transactions of $10,000 or more within 15 days of a transaction. If you file electronically, the forms are delivered to the Financial Crimes Enforcement Network. Paper forms are submitted to the IRS. Generally, you also should provide written statements to parties whose names you’ve […]

Can I mail my tax return?

Tax returns are generally due on April 15, or the next business day if the 15th falls on a weekend or legal holiday. But does that mean a taxpayer can just drop a return into a mailbox on April 15th? Possibly, but issues can occur. If a return is waylaid after it’s mailed, it may […]

Alternative method available for essential health care reporting

Until recently, large employers (generally with 50 or more full-time employees) that provide workers with minimum essential health care coverage were required to furnish them with proof of coverage once a year. However, an alternative method is available as part of the Paperwork Burden Reduction Act. Instead of providing individual statements to all employees, employers […]

House approves budget resolution

On the evening of Feb. 25, the U.S. House of Representatives approved a budget resolution that includes $4.5 trillion in tax cuts and $2 trillion in federal spending cuts over 10 years. Approving the resolution was the first step for Republicans to pass a wide-ranging bill using reconciliation, which requires a simple majority vote. If […]

Receive a incorrect refund?

What should you do if you receive a tax refund that’s more than you’re entitled to? Or what if you receive one that you’re not entitled to? Handling these situations largely depends on the details. A paper check refund should be voided and returned within 21 days of receipt to the address in the link […]

Bills are making their way thru Congress

The U.S. Senate and House of Representatives are on two separate paths as they move toward the same goal of passing tax legislation. The former is taking a two-bill approach. The Senate passed its first budget resolution on Feb. 21 covering immigration, defense and energy. It’s planning to tackle taxes in a second bill later […]

Offer in Compromise (OIC)

Certain taxpayers who can’t pay their entire tax liabilities may seek an Offer in Compromise (OIC) from the IRS. An OIC agreement settles the debt for less than owed if a taxpayer can show verifiable financial hardship. One married couple that operated an education facility owed $605,597 but proposed to pay only $75,000, citing “exceptional […]

Deadline Day for Farmers

A vital tax deadline is coming up on March 3 (due to the weekend) for certain farmers and fishers. To avoid estimated tax penalties, they must file their 2024 federal tax returns and pay all taxes due by March 1 if they didn’t make estimated tax payments by Jan. 15, 2025. According to the IRS, […]

IRS’s Taxpayer Bill of Rights

The IRS’s Taxpayer Bill of Rights represents 10 fundamental rights to which taxpayers are entitled when interacting with federal tax authorities. One of these is the right to confidentiality. Any information provided to the IRS can’t be disclosed to third parties unless the taxpayer requests it or the law requires it. If IRS employees or […]