TPSAApr 194 minOwe the IRS Money? How Long Do They Have to Collect?Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns?
TPSAMar 234 minCan’t Pay Your Taxes? Here Are Some Payment Options Although most American taxpayers (74% in 2020) receive a refund each year when they file their income tax returns, some end up owing for...
TPSAMar 231 minThe 2022 IRS Interest Rate Hike Will Go Live April 1stIf you are required to pay quarterly estimated income tax, an upcoming change in interest rates being imposed by the IRS may directly...
TPSAFeb 153 minHobby or For-Profit Activity? The Answer Makes a Big Difference for Tax PurposesIf you are engaged in an activity that produces income, the big tax question is whether that activity is a hobby or a business. The tax.....
TPSAFeb 23 minDon’t Think You Have to File a Tax Return? You May Be Missing Out!These days the tax return is used for more than just collecting taxes. It has also become a tool for the government to provide social...
TPSAOct 25, 20212 minHigh-Income Backdoor IRA Strategies May Backfire If New Tax Bill PassesWhile it's usually true that the "rich get richer," a proposed tax code will prove a remarkable exception if the House has its way.
TPSAAug 11, 20212 minMinimizing Tax on Social Security Benefits Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts
TPSAAug 11, 20212 minCongress Introduces Tax-Preparer Regulation Legislation Anyone preparing a tax return for compensation must have a PTIN issued by the IRS. But, there are no requirements associated with obtaining
TPSAJun 29, 20213 minDid You Get a Letter from the IRS? Don’t Panic.Now that most tax refunds are deposited directly into taxpayers' bank accounts, the dream of opening your mailbox and finding an IRS refund
TPSAJun 29, 20213 minHaven’t Received Your Tax Refund Yet?You are not alone. We have been hearing from clients who are still waiting on refunds from returns filed early in the year. Unless there is
TPSAMay 21, 20213 minDon’t Lose Your Passport Because of Unpaid Federal DebtThe IRS has begun issuing notice CP508C to taxpayers with “seriously delinquent” tax debt and the service has resumed its program of notifyi
TPSAMay 19, 20215 minPresident Biden’s American Families Plan Would Give IRS Authority to Regulate Tax PreparersWhen President Joseph R. Biden announced his $1.8 trillion American Families Plan to a joint session of Congress, most of the attention went
TPSAMay 18, 20213 minMade a Mistake on Your Tax Return - What Happens Now? Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes have grown complicated and COVID tax relief h
TPSAApr 29, 20212 minOwe Taxes and Can’t Pay by the Due Date? The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end ends up owing?
TPSAApr 29, 20212 minHere’s What Happened in the World of Small Business in April 2021Here are five things that happened this past month that affect your small business.
TPSAApr 29, 20212 minMay 2021 Due DatesIf you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer
TPSAApr 8, 20212 minTax Filing Deadlines Are Rapidly ApproachingJust a reminder to those who have not yet filed their 2020 federal tax return that thanks to the IRS extending the filing due date, May 17,
TPSAApr 8, 20212 minEasily Check the Status of Your Refund If your 2020 federal return has already been filed and you are due a refund, you can check the status of your refund online. Note: if you cl
TPSAApr 8, 20212 minIRS to Automatically Adjust Prior Filed 2020 Returns with Unemployment IncomeThe IRS announced on March 31, that it will take steps to automatically refund money this spring and summer to people who filed their tax re