Some Could Owe Tax on Social Security Benefits
Most Americans think that when it comes to paying income tax, Social Security benefits are off-limits.…
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Dependent Care Assistance Program Participants Get Helpful Guidance
As you might have experienced first-hand, those with unused funds from a 2020 dependent care assistance program (DCAP) could have questions about newly allowed carryovers and whether those funds are taxable.…
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CY Tax-Exempt Groups Need to File by May 17
The Internal Revenue Service is reminding some tax-exempt organizations that they face the same May 17 filing deadline as regular income tax filers.…
Cryptocurrency and the Form 1040
Public fascination with cryptocurrency tends to follow dramatic gains and losses in the market. While the latter results in pundits sounding the death knell for Bitcoin and its ilk, the most reliable predictor for the lifespan and legitimacy of crypto lies in the Internal Revenue Service—and some newly minted crypto-holding clients may have questions about the virtual currency checkbox on their tax year 2020 Form 1040.…
It May Be Time to Use a Password Manager
Let’s face it, passwords are becoming a problem. Following best practices for data security means creating unique passwords for all computers, networks, and online accounts.…
IRS Reminds Taxpayers to Prepare for Natural Disasters
It was a wise man indeed who first warned us to “hope for the best, but prepare for the worst.”…
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IRS Reminds Taxpayers About Offer in Compromise Program
Sometimes, taxpayers find themselves with a tax bill they just can’t satisfy. The taxpayer is willing to pay, but the bottom line is more than they can afford.…
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New Draft Schedules K-2 and K-3 Announced by IRS
Partnerships and S corporations that will have to report “international tax matters” in 2022 can now review the new draft releases for Schedules K-2 and K-3. The IRS today announced the early release drafts, noting that instructions would follow sometime in the summer.…
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These Taxpayers Don't Have to Do Anything to Get an Extension
This tax season, like so many before, a lot of filers could use a little extra time to get the job done.…
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Navigating Notices About Economic Impact Payments
The Internal Revenue Service has kept taxpayers’ mailboxes busy for months now, sending out notices to taxpayers about the various Economic Impact Payments that have been issued.…
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