In the interest of providing our clients with a convenient, safe and efficient experience during the tax preparation and document delivery process, we have implemented SafeSend Suite. SafeSend Suite is a high-end online experience including electronic tax organizers, e-signatures, document and tax … [Read more...] about New This Year For Our Clients – “SafeSend Suite”
What is the FICA Tip Credit?
The FICA Tip Credit is a business tax credit for employer-paid Social Security and Medicare taxes on employee tips. What employers are eligible? If you had employees who are customarily tipped and were tipped for providing, delivering or serving food or beverages, and you paid Social Security … [Read more...] about What is the FICA Tip Credit?
IRS Announces Delay For Implementation of $600 Reporting Threshold For Third-party Payment Platforms’ Forms 1099-K
The following information is from IRS.gov, Issue Number IR-2022-226: WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party … [Read more...] about IRS Announces Delay For Implementation of $600 Reporting Threshold For Third-party Payment Platforms’ Forms 1099-K
Delayed COVID-19 Relief
Many businesses are asking why the relief requested during the COVID-19 outbreak has still not arrived and wondering if there are issues with their request. According to the U.S. Treasury Inspector General for Tax Administration (TIGTA), they confirm that some businesses are waiting for relief amid … [Read more...] about Delayed COVID-19 Relief
Energy Credits and the Inflation Reduction Act
The Inflation Reduction Act was signed into law on August 16, 2022. It includes several expanded or extended tax credits, and it also includes additional funding for the IRS. Many provisions within this Act relate to tax incentives available to taxpayers and their families. Tax credits you may have … [Read more...] about Energy Credits and the Inflation Reduction Act
Back by Popular Demand: Tools, Tips & Tidbits for Tax Year 2022
Several COVID-19 related tax provisions are set to expire for the 2022 tax year: Enhanced Child Tax Credit (reverts back to $2,000 per eligible child under age 18) Enhancements to the Dependent and Child Care Credit Expansions to the Earned Income Tax Credit Charitable deduction for … [Read more...] about Back by Popular Demand: Tools, Tips & Tidbits for Tax Year 2022