Posted on November 24, 2021

Parents who share custody of their children should be aware of how their advance child tax credit payments are distributed. First and foremost, it is important to understand that these are advance payments of a tax credit that taxpayers expect to claim on their 2021 tax return. Here are some of the most common questions […]

Posted on November 17, 2021

To help address COVID-related labor shortages, the IRS wants employers to know that in general, it will not jeopardize the tax status of their pension plans if they rehire retirees. Following the COVID-19 pandemic, many employers are looking for ways to encourage retirees to return to the workforce to fill open positions — and experienced […]

Posted on November 10, 2021

Achieving a Better Life Experience or ABLE accounts are tax-advantaged savings accounts for individuals with disabilities and their families. These accounts help disabled people pay qualified disability-related expenses without affecting their eligibility for government assistance programs. Here is what you should know about qualifying for these accounts: Qualified disability expenses States can offer ABLE accounts to help […]

Posted on November 3, 2021

The Social Security Administration announced that its annual cost-of-living adjustment (COLA) will be 5.9 percent beginning in January 2022. That amounts to an average boost in retirement benefits of about $92 per month – the largest COLA benefit adjustment since 1983. Prior to this adjustment, COLAs have been modest, averaging a 1.65 percent increase annually […]

Posted on October 21, 2021

You only need to take a quick look around to verify today’s tight post-COVID tight job market. With that in mind, the IRS had extended special employer tax credit legislation through the end of 2025. This long-standing tax benefit encourages employers to hire workers certified as members of any of ten targeted groups facing barriers […]

Posted on October 14, 2021

The Internal Revenue Service, famously over-worked and under-staffed, has recently selected three private-sector collection agencies for collection of overdue tax debts. Because the Teipen CPA Group is concerned about client security, we want to be sure you know that you may be contacted by one of the following three agencies if you have unpaid tax […]

Posted on October 8, 2021

The Taxpayer Certainty and Disaster Tax Relief (CARES) Act of 2020, enacted last December, provides several provisions to help individuals and businesses who give to charity. According to Mike Poynter of Teipen CPA Group, the new law extends through the end of 2021 and includes four temporary tax changes, including: Deduction for individuals who don’t […]

Posted on October 4, 2021

  October 15 is fast approaching – which is the last day to file taxes if you requested an extension for your 2020 tax return. Taxpayers should file by Friday, October 15, 2021 to avoid a failure-to-file penalty. If this includes you, know you can file any time on or before Friday, October 15, providing […]

Posted on September 25, 2021

Backup withholding, according to Mike Poynter, CPA at Teipen CPA Group, is “a federal tax on income that otherwise typically doesn’t require tax withholding, such as 1099 and W2-G income. Those who receive this type of income may have backup withholding deducted from their payments.” Here’s how that works: Backup withholding is required on some […]