Posted on January 13, 2021

  Teipen CPA Group reminds employers that they must file Form W-2 and other wage statements by Monday, Feb. 1, 2021, to avoid IRS penalties. A 2015 law made it a permanent requirement that employers file copies of their Form W-2, Wage and Tax Statements, and Form W-3, Transmittal of Wage and Tax Statements, with […]

Posted on January 8, 2021

The IRS issued 2021 optional standard mileage rates are used to calculate the tax-deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2021, the IRS standard mileage rates for automotive use (which includes vans, pickups or panel trucks) are as follows: 56 cents per mile driven for […]

Posted on January 5, 2021

Teipen CPA Group encourages all taxpayers to make sure they take advantage of every new regulation and tax credit available to them in the weeks ahead of tax filing. Towards that end, there were several important tax regulations passed in 2020 involving credits, deductions and refunds, including: Recovery Rebate Credit/Economic Impact Payments – Taxpayers who […]

Posted on December 18, 2020

Teipen CPA Group has learned of 2021 IRS cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items. Here are the announced 2021 changes: The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), Roth IRAs, and the Saver’s Credit all increased for 2021. Taxpayers can still […]

Posted on December 11, 2020

In a bow to business concerns about confidential information appearing on business tax transcript summaries, the IRS has taken action. Beginning December 13, the IRS will conceal some sensitive information appearing on business tax transcripts to better protect people from possible identity theft and misuse of personal financial information. The information of these transcripts is […]

Posted on December 6, 2020

With lots more people doing lots less this past year, many taxpayers made more significant charitable deductions. The CARES Act also made deducting charitable contributions a little simpler. Here’s how: Previously, charitable contributions could only be deducted if taxpayers itemized their deductions. Not so this year. In 2020 taxpayers who don’t want to itemize deductions […]

Posted on December 4, 2020

As CPAs working with a lot of small-to-medium-sized businesses, we see first-hand how many complicated hoops employers must jump through when claiming employer tax credits. It’s good to know in advance what common mistakes to avoid when it comes to filing Form 941, Employer’s Quarterly Federal Tax Return. Below, Teipen CPAs weigh-in on how to claim […]

Posted on November 23, 2020

Taxpayers who receive certain types of income may have something called backup withholding deducted from these payments. Here’s what’s going on with backup withholding and how it works from the CPAs at Teipen CPA Group: Backup withholding is required on certain non-payroll amounts when certain conditions apply. Sounds vague. But the concept only works in […]

Posted on November 13, 2020

You know the old adage about the inevitability of death and taxes? Well there’s another inevitability to add to that list – scams. In a recent AARP-sponsored study, researchers found that in the past year, more than 1 in 4 Americans experienced identity and tax fraud. Not only that, but their losses were almost $17 billion! […]