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...
Hooray for HRA
Health Reimbursement Arrangements (HRAs) are a great alternative for small to medium businesses to offer as a benefit to employees instead of a group health insurance plan. HRAs are an individual based plan that can be used to reimburse employees for their medical care expenses including premiums for their individual health insurance. No more unnecessary...
Additional IRS Delays
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...
Tax Deadlines
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...