Getting Ready to File Your 2022 Taxes – Get Organized NOW to Get Your Refund ASAP!
Getting your tax documents together is never fun, but it doesn’t have to be a giant project either. As the end of the year approaches, take a few minutes to …
Tax Filing Websites Have Been Sending Users’ Financial Information to Facebook. Be Careful Who You Trust with Your Personal Information!
The Verge and The Markup have conducted a shocking investigation into how carelessly several major tax preparation websites have treated their customers’ information. From the article: “Major tax filing services …
401(k) Contribution Limit Will Increase to $22,500 for 2023, IRA Contribution Limit Will Increase to $6,500
The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued …
Is Your Organization Taking Advantage of the Work Opportunity Tax Credit?
The IRS has released updated information on the Work Opportunity Tax Credit (WOTC), available to employers that hire designated categories of workers who face significant barriers to employment. For employers facing …
Get Ready for a New Era of IRS Enforcement – Some Returns Can Be Audited With No Time Limit and 87,000 New IRS Agents?
The recently passed Inflation Reduction Act has generated a lot of confusion for individual taxpayers and large corporations alike. Sensational headlines have given rise to misleading or downright wrong articles …
The IRS Announces Major Tax Penalty Relief for Late Filers! There’s Still Time to File Your 2021 Return and Qualify!
To help struggling taxpayers affected by the COVID-19 pandemic, the IRS issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. …
The IRS Announces Interest Rate Increases, Effective October 1, 2022
The IRS announced that interest rates will increase for the calendar quarter beginning October 1, 2022. For individuals, the rate for overpayments and underpayments will be 6% per year, compounded …
Free Webinar from the IRS: Learn About Common Tax Scams and Identity Theft
The Internal Revenue Service and the Federal Trade Commission will sponsor a free webinar designed to help everyone recognize and combat tax scams and tax-related identity theft. The webinar will …
Are You New to the Workforce? Here’s What You Need to Know About Income Tax Withholding.
For many new grads and other people entering the workforce for the first time, filling out new hire paperwork can be confusing—what’s a W-4, anyway? New employees should ensure they …
What’s the Difference Between a Hobby and a Business for Tax Purposes?
A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. People operate a business with the intention of making …