Each year, the IRS unveils its list of scams that target unsuspecting taxpayers. Below are five of the most common tax scams impacting taxpayers today, as well as tips to not become a victim: Pandemic-related scams. Criminals still use the COVID-19 pandemic to steal people’s money and
Read more →There are two ways to make income tax payments to the IRS throughout the year: through the withholding amount on your paycheck, and through making estimated tax payments. If you have ever wondered about estimated tax payments, this article will explain what they are, if you need
Read more →The Employee Retention Credit (ERC) was rolled out in March 2020 as part of the CARES Act to help businesses with the cost of keeping employees on payroll through the COVID-19 pandemic. It is a tax break in the form of refundable employment tax credits for those
Read more →If you have a bank account in a foreign country, you may need to disclose it to a branch of the government that fights financial crimes. This is what tax professionals call FBAR reporting. FBAR stands for Foreign Bank and Financial Accounts Report. Your foreign bank accounts
Read more →When working with a tax professional or other professionals that want access to your IRS information, you might be asked to sign IRS forms that serve as legal authorization documents. There are a few different forms that grant varying powers to the people requesting them. This article
Read more →Did you know the IRS provides a tool on their website that allows taxpayers to check their refund status? The good news is you don’t have to rely on your tax professional to access this information; you can access it directly yourself. Here’s the direct link: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
Read more →We have all been impacted by the rising costs in 2022, and gas prices have been no exception. To help alleviate some of this burden for certain taxpayers, the IRS has announced an increase in three of the four standard mileage rates for the second half of
Read more →Receiving a notice from the IRS is often a stressful and intimidating experience. What makes it even worse, however, is when a taxpayer cannot easily speak with an IRS representative to get it resolved or is unable to get a timely response to any correspondence sent to
Read more →General Definition If you have ownership in an S corporation, it is important to have a general understanding of basis. This number called “basis” increases and decreases with the activity of the company. The IRS defines it as the amount of a shareholder’s investment in the business for
Read more →Form 7203 is a new form developed by IRS to replace the Shareholder’s Stock and Debt Basis worksheet that has previously been generated as part of returns for S corporation shareholders in most tax software programs. While this worksheet was not a required form and was provided
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