Relevant, timely, professional services and products
COVID Tax Tip 2021-147, October 5, 2021 Parents who share custody of their children should be aware of how the advance child tax credit payments are distributed. It is important to remember that these are advance payments of a tax credit that taxpayers expect to claim on their 2021 tax return. Understanding how the payments …
IRS Tax Tip 2021-146, October 4, 2021 Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and if they are …
Farmers and ranchers affected by drought have additional time to replace livestock Read More »
IRS Tax Tip 2021-145, September 30, 2021 If a tax pro or their firm is the victim of data or information theft, they must deal with it thoroughly and efficiently. Here are some actions they should take immediately to help minimize damage and protect against future data and theft or losses. Contact the IRS and …
Here’s what tax professionals should do after a data theft or loss Read More »
IRS Tax Tip 2021-144, September 29, 2021 The Credit for Other Dependents is a tax credit available to taxpayers for each of their qualifying dependents who can’t be claimed for the Child Tax Credit. The maximum credit amount is $500 for each dependent who meets certain conditions. These include: Dependents who are age 17 or older. Dependents …
COVID Tax Tip 2021-143, September 28, 2021 Recent legislation includes several provisions to help individuals and businesses who give to charity. The new law generally extends four temporary tax changes through the end of 2021. Here’s an overview of these changes. Deduction for individuals who don’t itemize Usually taxpayers who take the standard deduction cannot deduct …
Expanded tax benefits help individuals and businesses give to charity in 2021 Read More »
IRS Tax Tip 2021-142, September 27, 2021 Criminals and fraudsters often see disasters as an opportunity to take advantage of victims when they are the most vulnerable, as well as the generous taxpayers who want to help with relief efforts. These disaster scams normally start with unsolicited contact. The scammer contacts their possible victim by …
IRS Tax Tip 2021-141, September 23, 2021 Taxpayers have the right to appeal an IRS decision in an independent forum. This is one of ten basic rights — known collectively as the Taxpayer Bill of Rights — that all taxpayers have when dealing with the IRS. The IRS Independent Office of Appeals handles a taxpayer’s case must be separate …
All taxpayers have the right to appeal an IRS decision in an independent forum Read More »
IRS Tax Tip 2021-140, September 22, 2021 It is critical for business owners to correctly determine whether the individuals providing services are employees or independent contractors. An employee is generally considered anyone who performs services, if the business can control what will be done and how it will be done. What matters is that the …
IRS Tax Tip 2021-139, September 21, 2021 With many businesses facing a tight job market, the IRS reminds employers to check out the work opportunity tax credit. Resent legislation extended this credit through the end of 2025. This long-standing tax benefit encourages employers to hire workers certified as members of any of ten targeted groups …
Renewed work opportunity tax credit can help employers hire workers Read More »
COVID Tax Tip 2021-138, September 20, 2021 The IRS continues to provide materials and information to help small business owners and self-employed individuals comply with filing and paying requirements. Here’s a recap of key topics covered in IRS messages during National Small Business Week. Small businesses can share the word with employees about child tax credit …
Highlights from National Small Business Week 2021 Read More »