Filing your taxes on time is crucial for staying in compliance with the Internal Revenue Service (IRS) and avoiding penalties. However, life happens, and sometimes taxpayers miss the deadline. In such cases, it’s essential to know how to file past due tax returns to rectify the situation. This article provides a step-by-step guide to filing past due tax returns,... continue reading →
You may or may not know that taxpayers in the U.S. have certain rights. These rights apply to anyone whose taxes are being audited. And, these ten rights are called the taxpayer bill of rights. Therefore, anyone who has received a letter from the IRS of their intent to audit may want to exercise one of these rights, the... continue reading →
In an effort to jump start the economy and help in the recovery of the restaurant industry, the Federal government is allowing a 100% business meal deduction for 2021 and 2022 for the purchase of food and beverages provided certain requirements are met. The Old General Rule Still Applies In general, no deduction is allowed by a business for... continue reading →
For seniors, retirement can be a challenge. At the same time, it’s an exciting time of life with many opportunities for doing good and being philanthropic. One way to use your IRA funds is by taking required minimum distribution from your IRA and donating them to charity or using them to fund local programs that support the needs of... continue reading →
Cryptocurrencies are an evolving system and tax is difficult to implement. This is especially true in the United States where the current state of affairs around cryptocurrencies with a federal perspective has left uncertainty for many. In this post, we’ll explore how taxes can be applied to both cryptocurrencies and crypto users when it comes to taxation or lack... continue reading →
What You Need to Know About the Tax Credit for Children The Child Tax Credit is a credit that you can report on your IRS taxes if you are a United States resident with a child under 18. Your income has to be under the limit, and you must have tax information on file from 2020. Who Qualifies Those... continue reading →
Notice of Deficiency, or simply notice CP3219-A, is another type of IRS notice that our clients frequently receive in addition to notice CP2000. This additional notice is usually a follow-up letter that the IRS sends clients if they don’t respond to CP2000 in the given timeframe. That said, you will likely receive notice CP3219-A if IRS doesn’t hear back... continue reading →
It is standard for companies to retain the best talent by incentivizing their employees. A good example is the popular sign-on bonus, which is typically given to new employees immediately after they accept to join the organization. The sign-on bonus is oftentimes offered on one condition – don’t quit the company within an agreed period or else you must... continue reading →
Need help with your back taxes? We answer your questions. How many years back can I file my taxes? If I don’t file back taxes, how long before I get my current refund? How many years can you file taxes that are past due? Have you considered getting help with filing your taxes that are past their due date?... continue reading →
Here is how taxpayers can determine the present status of their tax refund: If you’re wondering about the status of your tax refund, use the Where’s My Refund? tool. You can access the tool easily either through the IRS2Go App or on IRS.gov. E-filed tax returns can be checked for a refund status within 24 hours. Timing of RefundsWhere’s... continue reading →
