Posted on June 7, 2021

Frequently, those new to receiving Social Security benefits are surprised to find out they may pay federal income tax on a portion of their benefits. However, which portion is taxable depends on the taxpayer’s income and filing status. Social Security benefits include monthly retirement, survivor, and disability benefits. They don’t include supplemental security income payments, […]

Posted on June 2, 2021

The Internal Revenue Service and the U.S. Department of the Treasury have announced that the first monthly payment of the Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. That’s roughly 88% of US households — without any action required on the part of taxpayers. The American Rescue Plan […]

Posted on May 24, 2021

According to CPA Mike Poynter, both the Treasury Department and the IRS have issued new procedural guidelines for businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses. Under prior guidance, businesses that received PPP loans to cover payroll costs, interest on covered mortgage obligations, covered […]

Posted on May 17, 2021

If you used the premium tax credit in 2020 to help pay for health insurance coverage bought from the Health Insurance Marketplace, this new 2020 IRS tax ruling will give you reason to smile. Advance payments of the premium tax credit — or APTC – lower what taxpayers must pay out-of-pocket for their monthly premiums. […]

Posted on May 9, 2021

There is new guidance for employers claiming the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, according to TEIPEN CPA Group Mike Poynter, CPA. Notice 2021-23 explains the changes modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which affect the first and second calendar quarters of […]

Posted on May 4, 2021

You no longer have to wonder where your tax refund is. Now you can track it as it processes through IRS.gov with the Where’s My Refund? online tool. It’s very accessible at IRS.gov or through the IRS2Go App – and super easy to use.
 Simply download the app and enter your Social Security number or Individual […]

Posted on April 19, 2021

The Coronavirus Aid, Relief and Economic Security Act (CARES Act) allowed employers to defer payment of the employer’s share of Social Security tax to provide companies a needed temporary financial boost. Acting in tandem with the CARES Act, IRS Notice 2020-65 provided the means for employers to defer withholding and payment of the employee’s Social […]

Posted on April 7, 2021

Most taxpayers should have received some or all of the following income documents near the end of January or in early February: Forms W-2, Wage and Tax Statement Form 1099-MISC, Miscellaneous Income Form 1099-INT, Interest Income Form 1099-NEC, Nonemployee Compensation Form 1099-G, Certain Government Payments; like unemployment compensation or state tax refund But what do you […]

Posted on April 2, 2021

For years, the IRS has had a reputation for being resolute when it came to paying tax debts plus interest. But this year, the IRS has announced a number of changes specifically designed to help those experiencing a COVID-related financial hardship to more easily settle tax debt. According to IRS Commissioner Chuck Rettig, “Following up […]