Iowa Enacts Pass-Through Entity Tax SALT Cap Workaround
Iowa Enacts Pass-Through Entity Tax SALT Cap Workaround Iowa has enacted an entity-level tax election for pass-through entities that allows a partner or shareholder to claim a credit against the individual and franchise taxes paid. (L. [Read Full Post]
Things for extension filers to keep in mind as they prepare to file
Many people requested an extension to file their tax return after the usual April deadline. These filers have until Oct. 16, 2023, to complete and file their tax return. The IRS suggests that those who already [Read Full Post]
Learn the warning signs of Employee Retention Credit scams
Businesses and tax-exempt organizations should watch out for telltale signs of misleading claims involving the Employee Retention Credit. Scammers and unscrupulous promoters continue to run aggressive broadcast advertising, direct mail solicitations and online promotions for the credit. [Read Full Post]
Tax to-dos for newlyweds to keep in mind
Anyone saying “I do” this summer should review a few tax-related items after the wedding. Big life changes, including a change in marital status, often have tax implications. Here are a few things couples should think [Read Full Post]
IRS Warns of New Scam Involving Unclaimed Refunds
The Internal Revenue Service and its Security Summit partners are cautioning taxpayers and tax professionals to beware of a new scam in which fraudsters are sending out cardboard envelopes from a delivery service asking people to [Read Full Post]
IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K
IR-2022-226, December 23, 2022WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.As a result of this delay, third-party settlement [Read Full Post]
IRS increases mileage rate for remainder of 2022
WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs [Read Full Post]
Taxpayers should check their federal withholding to decide if they need to give their employer a new W-4
The IRS encourages all taxpayers to review their federal withholding at least once a year to make sure they're not having too little or too much tax withheld. Taxpayers whose employers withhold federal income tax from [Read Full Post]
Work Opportunity Tax Credit
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers for hiring individuals from certain targeted groups who have consistently faced significant barriers to employment. WOTC joins other workforce programs that incentivize workplace diversity [Read Full Post]
Here are the different ways people can pay their federal taxes
The April 18 deadline for individuals to file and pay their federal income tax is just around the corner. While paying taxes is not optional, the IRS offers a variety of ways for people to pay [Read Full Post]
Understanding the child and dependent care credit
Taxpayers who are paying someone to take care of their children or another member of household while they work, may qualify for child and dependent care credit regardless of their income. For tax year 2021, the maximum eligible [Read Full Post]
Two tax credits that can help cover the cost of higher education
IRS Tax Tip 2022-38, March 10, 2022 Higher education is important to many people and it's often expensive. Whether it's specialized job training or an advanced degree, there are a lot of costs associated with higher education. [Read Full Post]
IRS Tax Tip 2022-26, February 16, 2022
Tracking the status of a tax refund is easy with the Where's My Refund? tool. It's available anytime on IRS.gov or through the IRS2Go App. Taxpayers can start checking their refund status within 24 hours after an e-filed return [Read Full Post]
COVID Tax Tip 2022-21, February 8, 2022
Now that the filing season has begun, there are several key items all taxpayers should keep in mind when filing their federal income tax returns this year. Here's a checklist to help file an accurate tax return, avoid [Read Full Post]