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An Offer in Compromise can be an effective way for individuals and businesses to settle a federal tax debt. This federal program allows taxpayers to enter into an agreement, with the IRS, that settles a tax debt for less than the full amount owed. Sometimes taxpayers can settle for significantly less, especially if they have …
The holidays are rapidly approaching, and along with celebrations, come year end tax planning opportunities. So before you become distracted with the seasonal celebrations, it may be in your best interest to consider year end tax moves that can benefit you for both 2022 and 2023. Having the Congressional members preoccupied with the November mid-term …
Here are 5 essential Quickbooks Online tasks to do before the end of the year slips by. For many, December is a month of the year that goes by in warp speed. It seems like you’ve just finished Thanksgiving dinner and it’s time to ring in the New Year! You could probably spend the entire …
Required Minimum Distributions (RMD) are required taxable distributions from qualified retirement plans and are commonly associated with traditional IRAs. However, they also apply to 401(k)s and SEP IRAs. The tax code does not allow taxpayers to indefinitely keep funds in their qualified retirement plans. Eventually, these assets must be distributed, and taxes must be paid …
Using QuickBooks Online can sometimes be intimidating, especially if you are new to the accounting platform. However, there are some best practices when it comes to making the most effective use of your time. These guidelines are not enforceable rules, though some managers may build them into their official policies. They just describe the way …
Have you recently received an IRS reminder letter about your eligibility to claim credits or a refund? If you are an active client of Nissen and Associates – don’t panic! Rest assured, those credits have been claimed. We have diligently asked all the right questions to ensure you have claimed all the credits you are …
The IRS is gearing up to go after abusive ERTC claims. Have you seen those ads on television promoting a large tax credit? The large tax credit they are referring to is the employee retention tax credit (ERTC). The ERTC is a government-sponsored program to keep workers employed during 2020 and 2021 because of the …
The recent Social Security cost of living increase is going to help millions of beneficiaries. This year, Social Security beneficiaries will get an 8.7% increase to their benefits in 2023. This is the highest increase in 40 years, thanks to the current high inflation. Also it is the second year in a row that there’s …
The Increased Child Tax Credit is available through the end of 2022. This article explains the increased allowances and who qualifies to receive it. The American Rescue Plan Act of 2021 was a $1.9 trillion bill passed by Congress to stimulate the U.S. economy as the country emerges from the pandemic. Included in that legislation …
