The IRS and tax professionals continue to see aggressive broadcast advertising, direct mail solicitations, and online promotions involving the ERC. While the credit is real, aggressive promoters are misrepresenting and exaggerating who can qualify for the credits.
If you are interested in claiming the EV tax credit for purchasing a new electric vehicle after August 16, 2022, a tax credit is generally available only for qualifying electric vehicles where final assembly occurred in North America. A transition rule applies for electric vehicles purchased before August 16, 2022.
Effective July 1, 2022, standard mileage rates for business travel is 62.5 cents per mile. Recognizing recent gas price increases, the IRS made a special adjustment for the final months of 2022.
Tax years are based on annual accounting periods where you keep records and report income and expenses. A tax year may not be a calendar year. Discover the annual accounting periods you may or may not adopt.
The IRS provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules.
The IRS compiled a list of its most famous and high-profile investigations of 2021. The most prominent case was a family sentenced to prison for fraudulently receiving millions of dollars in COVID money.
For 2021, families will begin receiving early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit. If the IRS processed your 2020 tax return or 2019 tax return, these automatic monthly payments will begin on July 15 through December 15, 2021, based on the information contained in that return.
The IRS issued additional guidance under the Taxpayer Certainty and Disaster Relief Act of 2020 allowing businesses a 100% deduction for food or beverages from restaurants. Earlier in 2021, legislation increased the 50% deduction to 100%.
On March 17, 2021, the Treasury Department and IRS announced the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. This extension does not apply to estimated tax payments that are due on April 15, 2021. As of today, tax returns for corporations, trusts, and Arizona state returns are due on April 15, 2021.
Due to confusion about the filing of 2019 returns, the IRS erroneously sent CP59 notices to many taxpayers stating they had not filed their 2019 federal tax return. The agency has now issued a clarifying statement.
The IRS published a Revenue Procedure and a Revenue Ruling to clarify certain complex and controversial details in PPP loan forgiveness. Read further for a summary of the new IRS guidance.
The 2017 TCJA changed rules for meals and entertainment. Recent IRS guidance may clear up some confusion and Arizona business owners should consult with their CPA to make sure they are not violating any rules or leaving money on the table.
The IRS stated in a September 24, 2020 memorandum, it would treat September 15, 2020 returns and any elections filed on September 17, 2020, as timely if the September 15, 2020 filing was affected by a CCH e-filing system software outage.
The IRS reached a major milestone by accepting Form 1040-X, Amended U.S. Individual Income Tax Return, electronically. Now, taxpayers can correct tax returns with fewer errors and expedite processing.
The IRS is experiencing delays in processing paper tax returns due to limited staffing. Taxpayers are strongly encouraged to file electronically through a CPA or accountant or tax software provider. Paper returns are processed in the order they are received.
In March 2020, due to COVID-19, the IRS automatically extended the filing deadline for tax returns from April 15 to July 15, 2020. The extension applied to all individual returns, trusts, and corporations. The Arizona tax filing deadline was also extended to July 15, 2020.
The IRS announced an inflation-adjusted increase to Health Savings Accounts (HSAs) for calendar year 2021. HSAs are savings accounts that employees can use with a high-deductible health plan to cover higher deductibles and copays.
The IRS and SBA issued guidance clarifying certain rules about PPP. Whether you have a loan already or preparing to apply, you should be aware of tax responsibilities and disbursement rules.
The Families First Coronavirus Response Act provides small and midsize employers refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing paid sick and family leave wages to their employees for leave related to COVID-19.
The IRS is launching a new identity protection program that prevents anyone who has stolen your Social Security number from using it to file a fraudulent tax return. How does it work? Are you eligible for the program?
In wake of tax reform, the IRS issued clarification allowing some business owners to bypass the new $10,000 cap on the state and local tax deduction. Now, business owners may want to consider claiming deductions for charitable contributions as ordinary, deductible business expenses.
GoFundMe is an online platform that anyone can create to raise money for a family member’s cancer treatments, college tuition, new church building, or other cause. Anyone who makes a donation can obtain an official-looking receipt for tax purposes. Are these donations eligible for a charitable deduction?