The Internal Revenue Service has released a midyear report to Congress that details a significant backlog of tax returns dating back to the end of tax filing season, and many of those returns have yet to be processed. While backlogs …
Contemplating Refinancing Your Home Mortgage? Things You Should Consider
With home mortgage rates at historic lows, it may be appropriate for you to consider refinancing your current mortgage. However, refinancing may not always be the greatest idea, even though mortgage rates are low, and even when your friends, relatives, and coworkers are …
Sole Proprietorships – Don’t Overlook the Liability Issues
If you are considering starting a business, the simplest and least expensive form of business is a sole proprietorship. A sole proprietorship is a one-person business that reports its income directly on the individual’s personal tax return (Form 1040) using …
Relocating? How to Do It with Taxes in Mind
If you’re thinking about moving from your current locale, you’re not alone. Americans are on the move for many different reasons: Remote work is increasingly popular and allows employees to live wherever they have access to WiFi, while tax changes …
Did You Get a Letter from the IRS? Don’t Panic.
Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the past. However, since the IRS now does most of …
How Biden’s Proposed American Families Plan Might Affect You
President Biden presented his proposed American Families Plan (AFP) during his Joint Session of Congress address on April 29, 2021. What follows is an overview of what is included in the plan. But this is only his wish list; Congress …
Don’t Lose Your Passport Because of Unpaid Federal Debt
The IRS has begun issuing notice CP508C to taxpayers with “seriously delinquent” tax debt and the service has resumed its program of notifying the State Department of taxpayers’ unpaid federal debts. The U.S. Department of State generally will not renew …
SBA Raises Loan Limit For COVID-19 EIDL Loans to $500,000
As U.S. businesses continue to recover from COVID-19’s economic devastation, the U.S. Small Business Administration (SBA) is expanding loan opportunities. The agency announced that beginning the week of April 6th, nonprofits and small businesses will be able to borrow up …
IRS to Automatically Adjust Prior Filed 2020 Returns with Unemployment Income
The IRS announced on March 31, that it will take steps to automatically refund money this spring and summer to people who filed their tax returns reporting unemployment compensation before the recent law change made by the American Rescue Plan …
May 2021 Important Due Dates
May 2021 Individual Due Dates: May 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on …