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Small Business Resilience Depends on Keeping a Focused Perspective
Small businesses are resilient, and resilience is especially important in challenging times such as these. This type of strength and agility relies, in part, on good business instincts. But it also depends on a clear understanding of the measures that may impact...
IRS Provides Guidance on Schedules K-2 and K-3
The IRS has 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. Those eligible for the relief will not have to file the...
IRS Updates Recovery Rebate Credit FAQ
The IRS has updated its Recovery Rebate Credit FAQ, which is organized into eight categories. The full document is available online, but you can find some of the updates below. How does the 2021 Recovery Rebate Credit differ from the 2020 Recovery Rebate Credit? 2020...
Unemployment and Tax: Back to Normal
Unemployment income has always been taxable income. Those who apply for unemployment benefits can have federal tax, and any applicable state tax, withheld, but whether it's done check by check or in a lump sum, the recipient has to pay. However, because 2020 was such...
The Tax Implications of Independent Contractors
Are your employees really employees, or are they actually independent contractors? It's not just semantics; the IRS makes a stark distinction. You don't generally have to withhold or pay any taxes on payments to independent contractors, as you do with employees. If...
IRS Allows Electronic Filing of Form 1040-X
The IRS has announced that taxpayers can now file their Form 1040-X, Amended U.S Individual Income Tax Return, electronically using available tax software products. This form is used to amend various versions of Form 1040. Making the 1040-X an electronically filed...
Unemployment and Tax: Back to Normal
Unemployment income has always been taxable income. Those who apply for unemployment benefits can have federal tax, and any applicable state tax, withheld, but whether it's done check by check or in a lump sum, the recipient has to pay. However, because 2020 was such...
Can You Claim the Credit for Other Dependents?
If you're taking care of adult children, relatives or parents, you know that this can create an additional financial strain. To ease it, the IRS offers a credit for dependents who are too old to qualify for the child tax credit. You may qualify for a $500 credit for...
IRS Presents Filing Tips for 2022
The IRS is encouraging taxpayers to make sure they're well-informed about their tax situation as the filing deadline approaches. The key topics include special steps related to charitable contributions, economic impact payments, and advance child tax credit payments....
IRS Announces Mileage Rates for 2022
The IRS has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on Jan. 1, 2022, the standard mileage rates for the use of a car (also vans,...
