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๐Œ๐Ž๐‘๐„ ๐ˆ๐‘๐’ ๐„๐๐…๐Ž๐‘๐‚๐„๐Œ๐„๐๐“ ๐Ÿ๐จ๐ซ ๐–๐„๐€๐‹๐“๐‡๐˜ & ๐‚๐Ž๐‘๐๐Ž๐‘๐€๐“๐„ ๐“๐€๐—๐๐€๐˜๐„๐‘๐’ (๐Ÿ’/๐Ÿ๐Ÿ–/๐Ÿ๐ŸŽ๐Ÿ๐Ÿ)

President Biden has submitted his request for fiscal year (FY) 2022 discretionary funding to Congress. And wealthy and corporate taxpayers are targets of increased enforcement. The request states- To ensure that all Americans are treated fairly by the Nationโ€™s tax system, including that the wealthy and corporations comply with existing laws, the discretionary request provides […]

๐‚๐‹๐€๐ˆ๐Œ๐ˆ๐๐† ๐Ÿ๐ฌ๐ญ ๐‘๐Ž๐”๐๐ƒ ๐๐๐ ๐„๐—๐๐„๐๐’๐„๐’ โ€“ ๐‹๐€๐“๐„ (๐Ÿ’/๐Ÿ๐Ÿ”/๐Ÿ๐ŸŽ๐Ÿ๐Ÿ)

The IRS has issued new rules for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because they relied on old rules issued before the enactment of tax relief legislation in December of 2020. Under the old rules, businesses that received PPP loans to […]

๐‚๐Ž๐‘๐‘๐„๐‚๐“ ๐…๐ˆ๐‹๐ˆ๐๐† ๐’๐“๐€๐“๐”๐’ ๐„๐‹๐ˆ๐Œ๐ˆ๐๐€๐“๐„๐’ ๐๐‘๐Ž๐๐‹๐„๐Œ๐’ (๐Ÿ’/๐Ÿ๐Ÿ/๐Ÿ๐ŸŽ๐Ÿ๐Ÿ)

A taxpayerโ€™s correct filing status helps accurately determine their tax. It determines if they have to file, their refund, standard deduction, credits and taxes. There are five filing statuses- 1-Single. Normally, this status is for taxpayers who are unmarried, divorced or legally separated under a divorce or separate maintenance decree governed by state law. 2-Married […]

๐–๐€๐˜๐’ ๐ญ๐จ ๐๐€๐˜ ๐˜๐Ž๐”๐‘ ๐…๐„๐ƒ๐„๐‘๐€๐‹ ๐“๐€๐—๐„๐’ (๐Ÿ’/๐Ÿ๐Ÿ—/๐Ÿ๐ŸŽ๐Ÿ๐Ÿ)

Here are five ways to pay your taxes- โ€ข Pay when they e-file using their bank account, at no charge, using electronic funds withdrawal. โ€ข Use IRS Direct Pay which allows taxpayers to pay electronically directly from their checking or savings account for free. They can choose to receive email notifications about their payments when […]

๐‘๐„๐…๐”๐๐ƒ๐’ ๐–๐€๐ˆ๐“๐ˆ๐๐† ๐Ÿ๐จ๐ซ ๐“๐‡๐Ž๐’๐„ ๐–๐‡๐Ž ๐‡๐€๐•๐„๐โ€™๐“ ๐…๐ˆ๐‹๐‹๐„๐ƒ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ• ๐“๐€๐— ๐‘๐„๐“๐”๐‘๐๐’ (๐Ÿ’/๐Ÿ๐Ÿ’/๐Ÿ๐ŸŽ๐Ÿ๐Ÿ)

Unclaimed income tax refunds worth more than $1.3 billion await an estimated 1.3 million taxpayers who did not file a 2017 Form 1040 federal income tax return. In cases where a federal income tax return was not filed, the law provides most taxpayers with a three-year window of opportunity to claim a tax refund. If […]

๐Ÿ๐ŸŽ๐ŸŽ% ๐“๐„๐Œ๐๐Ž๐‘๐€๐‘๐˜ ๐๐”๐’๐ˆ๐๐„๐’๐’ ๐Œ๐„๐€๐‹ ๐ƒ๐„๐ƒ๐”๐‚๐“๐ˆ๐Ž๐ ๐†๐”๐ˆ๐ƒ๐€๐๐‚๐„ ๐„๐—๐๐‹๐€๐ˆ๐๐„๐ƒ (๐Ÿ’/๐Ÿ๐Ÿ/๐Ÿ๐ŸŽ๐Ÿ๐Ÿ)

The IRS has provided guidance on the temporary 100-percent deduction for food or beverage expenses that are paid or incurred after December 31, 2020, and before January 1, 2023 provided by a restaurant. The guidance also explains when the temporary 100-percent deduction applies and when the 50-percent limitation applies. The 100% deduction applies to any […]

๐Ž๐“๐‡๐„๐‘ ๐“๐€๐— ๐ƒ๐„๐€๐ƒ๐‹๐ˆ๐๐„๐’ ๐Ÿ๐จ๐ซ ๐ˆ๐๐ƒ๐ˆ๐•๐ˆ๐ƒ๐”๐€๐‹๐’ ๐„๐—๐“๐„๐๐ƒ๐„๐ƒ ๐ญ๐จ ๐Œ๐€๐˜ ๐Ÿ๐Ÿ• (๐Ÿ’/๐Ÿ•/๐Ÿ๐ŸŽ๐Ÿ๐Ÿ)

Individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund. Time for IRA and health savings accounts contributions is extended to May 17 In extending the deadline to file Form 1040 series returns to May 17, the […]

๐–๐„ ๐†๐„๐“ ๐š ๐Ÿ ๐Œ๐Ž๐๐“๐‡ ๐„๐—๐“๐„๐๐’๐ˆ๐Ž๐ ๐š๐ง๐ ๐ญ๐ก๐ž ๐‘๐ˆ๐‚๐‡ ๐†๐„๐“ ๐š โ€œ๐…๐‘๐„๐„ ๐‘๐ˆ๐ƒ๐„โ€ (๐Ÿ’/๐Ÿ“/๐Ÿ๐ŸŽ๐Ÿ๐Ÿ)

The Treasury Inspector General for Tax Administration (TIGTA) reports that the IRS is missing taxes owed by high-income taxpayers. Billions in taxes are uncollected. TIGTA identified 685,555 taxpayers who had a balance due as of May 14, 2019. These taxpayers reported adjusted gross income (AGI) of $200,000 or more and owed a combined total of […]

๐•๐€ & ๐’๐’๐ˆ ๐‘๐„๐‚๐ˆ๐๐ˆ๐„๐๐“๐’ ๐“๐‡๐€๐“ ๐ƒ๐Ž๐โ€™๐“ ๐…๐ˆ๐‹๐„ ๐‘๐„๐“๐”๐‘๐๐’-๐€๐‚๐“ ๐›๐ฒ ๐Œ๐€๐˜ ๐Ÿ“ (๐Ÿ’/๐Ÿ‘๐ŸŽ/๐Ÿ๐ŸŽ๐Ÿ๐ŸŽ)

SSI and VA recipients who have children and who werenโ€™t required file a tax return in 2018 or 2019 should visit the โ€œNon-Filers: Enter Payment Info Hereโ€ tool on IRS.gov. And by entering the needed information by May 5th on this site, get the economic impact payments theyโ€™re entitled to. By entering information on the […]

โ€œ๐†๐„๐“ ๐Œ๐˜ ๐๐€๐˜๐Œ๐„๐๐“โ€ ๐Ž๐๐‹๐ˆ๐๐„ ๐€๐๐๐‹๐ˆ๐‚๐€๐“๐ˆ๐Ž๐ (๐Ÿ’/๐Ÿ๐Ÿ•/๐Ÿ๐ŸŽ๐Ÿ๐ŸŽ)

With the โ€œGet My Paymentโ€ application, recipients of economic impact payments can track their payments and provide bank account information to ensure direct deposit. ๐…๐จ๐ซ ๐ญ๐š๐ฑ๐ฉ๐š๐ฒ๐ž๐ซ๐ฌ ๐ญ๐จ ๐ญ๐ซ๐š๐œ๐ค ๐ญ๐ก๐ž ๐ฌ๐ญ๐š๐ญ๐ฎ๐ฌ ๐จ๐Ÿ ๐ญ๐ก๐ž๐ข๐ซ ๐ฉ๐š๐ฒ๐ฆ๐ž๐ง๐ญ, the application will show taxpayers the scheduled delivery date by direct deposit or mail and the last four digits of the bank […]