This article was published by the IRS. Reminder that businesses can temporarily deduct 100% beginning January 1, 2021 This is a reminder that the Treasury Department and the Internal Revenue Service have issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% [...]
This article was published by the IRS. The Department of the Treasury and the Internal Revenue Service have received requests from taxpayers and their advisors for relief from penalties arising when additional income tax is owed because the deduction for qualified wages is reduced by the amount of a retroactively claimed employee retention tax credit (ERTC), [...]
The Atlantic hurricane season begins on June 1. It's important to think about hurricanes, tornadoes, and other disasters in advance so you're prepared in case they happen. This includes safeguarding your tax forms and other financial records. First, you could take advantage of electronic record-keeping. See if you can receive your bank statements and related documents [...]
This article was published by the IRS. The Internal Revenue Service is reminding tax-exempt organizations that many have a filing deadline of May 16, 2022. Those that operate on a calendar-year (CY) basis have certain annual information and tax returns they file with the IRS. These returns are: Form 990-series annual information returns (Forms 990, 990-EZ, [...]
This article was published by the IRS. Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don't file on time, may be charged a failure-to-file penalty. This penalty is usually five percent of the tax owed for each month, or part of [...]
