Posted on September 15, 2021

Lots of folks pay into Individual Retirement Accounts over a lifetime. And many depend on them to make retirement living more comfortable. But, like everything else in life, there are many different types of IRAs that function differently, depending on the income level and tax situation of the IRA owner. Here’s the skinny on IRAs: […]

Posted on September 2, 2021

If you have uncertainties about the advance child tax credit and how it may affect your tax situation, you aren’t alone. Here is what we at Teipen CPA Group, are telling our clients. Qualifying families will receive early payments of the tax credit for the 2021 tax year. The IRS will disburse these advance payments monthly through […]

Posted on August 23, 2021

Indiana’s expanded Small Business Restart Grant was begun this past spring to help accelerate economic recovery. The recovery program supports Hoosier entrepreneurs and small businesses, providing working capital to eligible companies through reimbursement of certain expenses related to the global pandemic. Here’s what Indiana small businesses should know: Eligible businesses may apply for grant funding […]

Posted on August 14, 2021

So – why might this matter to you? The IRS just handed taxpayers digital control over who can represent them or view their tax records if and when they have a dispute. That’s a great option for taxpayers and a groundbreaking step in the agency’s expansion of electronic options for taxpayers and tax professionals. Mike […]

Posted on August 8, 2021

If you are a young person working a summer job, you may not know what you need to know – that students owe taxes on their earned income – yes, even if it goes toward college expenses. Not all the money students earn will make it to their pocket because employers must withhold taxes from […]

Posted on August 4, 2021

Organizations ready to apply for recognition of tax-exempt status under Section 501(c)(3) of the IRS tax code will need to fill out Form 1023-series application. Here are some tips to help understand the process from the Not-for-Profit-savvy CPAs at Teipen CPA Group: First of all, the application process is pretty simple. The application form includes a […]

Posted on July 28, 2021

If so, be on the lookout for a letter of explanation from the IRS. Due to the 2021 American Rescue Plan Act (ARPA), the Internal Revenue Service is refunding more than 2.8 million to taxpayers who paid taxes on 2020 unemployment compensation. To date, the IRS has reviewed over 3.1 million returns, with more than […]

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 […]