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Will the budget increase affect the audit rate next year? It’s the big question of the new year. In September of 2021, the Congressional Budget Office announced a proposal to increase funding for the IRS. The amount includes $80 billion over the next ten years. The argument is that doing so would ultimately increase the revenue the …
The IRS has been asking for a reporting requirement for cryptocurrency since inception. Over the last 3 years, the IRS has engaged in a virtual currency compliance campaign. This campaign specifically addresses tax noncompliance related to cryptocurrency use. The IRS’ efforts have included outreach to taxpayers through education, audits of taxpayers’ returns and even criminal …
Tax benefits for holiday gifts? There can be….! Every year – usually right after Thanksgiving – we start receiving questions about possible tax benefits resulting from gifts. Here are a few examples of gifts that can give back – in tax benefits! Tax Benefits For Holiday Gifts – The Gifts that Give Back! Electric Car …
Curious about the employee retention credit? Here’s an overview of what it is, and some challenges it has caused. President Biden signed the Infrastructure Investment and Jobs Act (IIJA) into law on November 15, 2021. One of the provisions of that legislation retroactively terminated the employee retention credit (ERC) early. The credit was previously available …
If you’re looking for year-end tax saving strategies, we have a few to share. It just seems hard to believe that the holiday season is almost upon us. Mainly because right after turkey and trees, comes the 2021 tax preparation season! With the end of the tax year just around the corner, tax-savvy individuals need …
Are backdoor Roth IRA Conversions a thing of the past? Possibly. New legislation has been proposed that could limit the ability of high-income earners to take advantage of Roth IRA conversions. Watch this video for a detailed explanation of the proposed legislation and how it might affect you. Have a question about this topic? Please …
Adapting to remote workers has been the greatest challenge for businesses, especially managers, in 2021. According to one recent study, nearly half of all employees switched to working remotely in 2020 during the onset of the COVID-19 pandemic. Almost overnight, local and state lockdowns went into effect on all services deemed non-essential. This means that …
Ready to talk about fall tax planning strategies to set you up for the new year? Taxes are like vehicles – they need a periodic check-ups to make sure they are performing as expected. And if ignored, little issues can turn into BIG ones, costing you money. It’s smart to be proactive and stay on …
There is no doubt that the IRS delays due to COVID-19 is causing considerable taxpayer stress. Before the COVID-19 pandemic, the IRS was issuing refunds and working through returns relatively quickly. They consistently responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused …
