Category: Taxes

As the year progresses, changes have been made and are taking place.  Here are some of the 2021 tax changes that we will be facing as we enter the ring for the 2021 tax season… Advance Child Tax Credits:  Monthly advance payments began 7/15/21. Any amount paid will need to be reported on your 2021...

With the tax reform implemented by the Tax Cuts and Jobs Act and all of the upcoming changes for 2021, it would be a good time to conduct a “paycheck checkup”. The IRS suggests that all taxpayers use the tax withholding estimator to make sure they are withholding the correct amount from their paychecks for...

On 7/29/21 it was announced by the Treasury Dept. and IRS that eligible employers who extend paid leave to employees who need to take certain individuals to receive their COVID-19 vaccine or care for certain individuals or household members while they recover will receive a tax credit equal to the wages paid for providing the...

If you are wondering why your tax return is delayed; it has been reported that there are approx. 35M backlogged returns; approx. 16M paper and now 19M electronic returns too. With the pandemic, there has been a shortage of staff, returns are now being held for manual processing for review of stimulus payments and unemployment,...

The Advance Child Tax Credit has been expanded for 2021. Many taxpayers may think of this as an advantage, however, for some, it has the potential to be harmful! While the advantage to be enrolled or unenroll is determined on an individual basis, taxpayers should consider unenrolling if any of the following conditions apply: Child...

The IRS is holding up approx. 29 million tax refunds for manual processing! Additionally, their systems were not able to process many of the quarterly payments that needed to be sent by 4/15/21. You can try to track your return via the IRS website (www.irs.gov/refunds) but you would be absolutely correct to expect some delays....

We did it! Tax Day has come and gone and the majority of returns made it to the IRS on time. That said, we still have a few extended returns to complete. For those who had to extend, we must receive your information before 9/24/21 in order to meet the 10/15/21 extended filings deadline. Please...

The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end ends up owing?  The IRS encourages you to pay the full amount of your tax liability on time by imposing significant penalties and interest on late payments if you don’t. So if...

In addition to the 29 million tax refunds that were held for manual processing and lack of staff, IRS employees are now saying that printers used by the submission processing functions are non-functional because they have run out of ink or the waste cartridge is full. It was reported that the contract for supplies and...

As the finale to a roller coaster year, 2020 tax returns are coming due with more complications and changes than ever before. In fact, the need was seen to extend the 2020 individual tax deadline to May 17, 2021, in an effort to allow additional time to tax payers and those who are navigating the...