📢 UPDATE: “No Tax on Tips” – Important Clarification
Back in January on T.S.E.G Podcast (Link posted below) I discussed the new “No Tax on Tips” provision and explained that it appeared primarily aimed at traditional W-2 employees. Since then, the IRS has issued additional guidance. Here’s the clarification: The deduction is not strictly limited to W-2 employees. Self-employed individuals may also qualify — […]
The Corporate Transparency Act. Are you ready?
Thomson Reuters Tax & Accounting October 19th, 2023 Who does the Corporate Transparency Act affect? According to a recent Small Business Administration report, 27,104,006 small businesses were termed “nonemployer firms” and had no employees. The Corporate Transparency Act is designed to improve business activity transparency through the reporting of Beneficial Ownership Information (BOI) and is particularly targeted […]
The IRS says it still hasn’t opened more than 2 million returns this tax season
Published: Oct. 8, 2020 at 1:46 a.m. ET By Andrew Keshner Published: Oct. 8, 2020 at 1:46 a.m. ET The Internal Revenue Service still has to process an estimated 2.5 million hard copy income tax returns within a pile of unopened mail that stands at 5.3 million pieces. That’s according to IRS Commissioner Charles Rettig, […]
How people can reconstruct records lost in a natural disaster
IRS Tax Tip 2020-127, September 28, 2020 Reconstructing records after a disaster is important for several reasons including insurance reimbursement and taxes. Most importantly, records can help people prove their disaster-related losses. More accurately estimated losses can help people get more recovery assistance like loans or grants. Whether it’s personal or business property that has […]
COVID-19: IRS Provides Relief from Enforcement Actions
April 13, 2020 Mary Lee Miller EA, LLC During the COVID-19 pandemic, the last thing you need is the IRS doing bad things, like auditing you or levying your bank account or wages.  But don’t worry—the IRS is pausing most of its collection and audit enforcement actions.  Installment Agreements  If you […]
CARE Act: New Rules for Retirement Withdrawals
Bradford Tax Institute April 2020 COVID-19: CARES Act Allows $100,000 Tax-Free IRA Grab and Repay  More Relief: Retirement Account Required Minimum Distribution Rules Suspended for 2020 The $2 trillion COVID-19 economic recovery bill finally made it through Congress and was signed into law by President Donald Trump on March 27. The legislation […]
COVID-19: New SBA Loans for Small Businesses – Maybe a Great Deal
Mary lee Miller EA LLC April 3, 2020 Dear Client: The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S. If your business is struggling, you may be able to get some help from the federal Small Business Administration (SBA), which is authorized […]
Everything You Need to Know About Buying a House
By Bola Sokunbi. Published on February 20, 2019. Updated on November 19, 2019 When it comes to financial and life goals, buying a house is probably pretty high on your list. But being able to purchase a home depends heavily on your finances being in good standing. That means you don’t want to have too […]
Filing Your Taxes Early: What You Need To Know
Dec 23, 2019, 09:20am Robert FarringtonSenior Contributor Personal Finance I write about personal finance, college and student loan debt. Ready to get your taxes squared away and get your hands on your refund (and maybe avoid getting a tax refund loan)? It’s possible you’ll make some progress early on, but you need to make sure you […]
Tax Tip 2019-170: Here’s how taxpayers can avoid the hooks of phishing scams
IRS Tax Tip 2019-170, December 4, 2019 Knowledge and awareness. Those two things can protect taxpayers and their family members from getting caught up in a phishing scam. A phishing scam is often an unsolicited email or a website that looks like a legitimate site designed to trick users. The scams convince people into providing […]