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IRS releases information on economic impact payments

The Internal Revenue Service (IRS) along with the Treasury Department recently announced details about the distribution of economic impact statements. According to these agencies, most qualifying taxpayers will not need to take any action to receive the payments. The agency has stated it will use past filing information to help […]

IRS

Will the new coronavirus impact my taxes?

The COVID-19 pandemic has impacted almost every facet of our lives. Schools are closing, offices are having workers work from home when possible and grocery stores are starting to have shopping hours for high-risk shoppers only. Will the next official announcement result in a change to our taxes? It is […]

IRS

Why do I owe taxes this year?

April 15th is just around the corner. Taxpayers across the country are gathering their tax forms and filing out their tax returns. Some may be surprised to receive a small refund. Others frustrated to realize they owe an unexpected tax bill. What went wrong? Why would a tax refund be lower […]

Tax Controversy 

IRS takes Facebook to court, again

The Internal Revenue Service (IRS) is trying, yet again, to hold Facebook accountable for tax obligations in the United States. If successful, the IRS could claim more than $9 billion dollars in tax payments. The most recent courtroom battle between the federal agency and the social media platform is just […]

Audits

Tax season isn’t what it used to be

The tax season has extended beyond the rush at spring to get returns filed by April 15. Key reasons include: Extensions. Due to tax reform and difficulty understanding the new rules, a number of taxpayers requested extensions. This resulted in a drawn-out busy season for tax preparation professionals and taxpayers who file […]

Audits

New Year new tax plan? These tips can help.

New Year celebrations are done, and many may be reconsidering their resolutions. It is not too late to make another resolution, a resolution that financial professionals note will likely lead to eased mental stress and reduction of the stress that tax obligations can put on your finances. Make the resolution to get […]

IRS