Posted on July 22, 2021

The Coronavirus Aid, Relief, and Economic Security Act has offered relief to many taxpayers during the uncertainties of 2020 and 2021. Some relief has been completely tax-free and other tax-related programs need to be paid back. Here’s what some self-employed taxpayers need to know, according to the CPAs at TEIPEN CPA Group. If you are […]

Posted on July 16, 2021

The expanded and newly-advanceable Child Tax Credit was authorized by the American Rescue Plan Act, enacted in March, 2021. Normally, the IRS will calculate the payment based on a family’s 2020 tax return, including those who use the Non-filer Sign-up Tool. However if that return is not available because it has not yet been filed or […]

Posted on July 12, 2021

It’s summer, post-pandemic, which means a huge increase in weddings. If you’ve got a wedding in your future or recent past, know that marriage changes many things financially, with taxes being among the most significant. Change of status matters to government agencies It’s important to report a marital name change to the Social Security Administration […]

Posted on June 28, 2021

The Employee Retention Credit is a part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The IRS has made changes to the Employee Retention Credit for the first two calendar quarters of 2021, including: an increase in the maximum credit amount expansion of the category of employers that may be eligible to […]

Posted on June 21, 2021

An offer in compromise is an agreement between the taxpayer (or business) and the IRS that settles a tax debt for less than the full amount owed. It is an option when a taxpayer can’t pay their full income tax bill owed, or when paying the entire tax bill would cause the taxpayer a financial hardship. How […]

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. […]