Article Highlights: Collecting Paperwork Decedent and Survivor Social Security Benefits Probate Decedent’s Estate Decedent Final Tax Return Other Tax Returns Surviving Spouse Survivor Benefits Surviving Spouse Filing Status The death of a loved one is one of life’s most difficult times and a time for reflection and grieving. However, it also triggers unique financial and tax events that must be dealt with by the [...]
Article Highlights: ERC Background. TV Promoters and Marketeers. IRS Programs to Withdraw Erroneous Claims. ERC Voluntary Disclosure Program. How to Apply for the Voluntary Disclosure Program. ERC Claim Withdrawal Program. ERC Background The Employee Retention Credit (ERC) was a government-sponsored program to keep workers employed during the Covid-19 pandemic. It provided qualifying employers with a refundable credit against certain employment taxes equal to 70% [...]
Article Highlights: COVID-19 Pandemic Notice Suspensions Resumption of Collection Letters in 2024 Special First Letter Penalty Relief Taxpayers Qualifying for Penalty Relief Tax Returns Qualifying for Penalty Relief Reasonable Cause Criteria or First-Time Abate Relief Due to the COVID-19 pandemic, the IRS suspended the mailing of automated reminders to pay overdue tax bills starting in February 2022. These reminders would have normally been issued [...]
Article Highlights: New U.S. Department of Labor Rule Prior Rule Rescinded Effect on ABC Test Used by Some States New Six Factor Test Opportunity for Profit or Loss Depending on Managerial Skill Investments by the Worker and the Potential Employer Degree of Permanence of the Work Relationship Nature and Degree of Control Extent Work Performed Is an Integral Part of the Potential Employer's Business [...]
As Baby Boomers approach retirement, many are considering downsizing their homes to simplify their lives and reduce expenses. However, what seems like a straightforward decision is often complicated by financial and tax implications, especially in today's volatile housing market. This guide aims to shed light on the challenges and opportunities that come with downsizing, offering practical advice for those navigating this significant life transition. [...]
In the wake of the pandemic, remote work has become the new norm for many American workers. As businesses across a wide range of industries have shifted to a remote model, employees and employers alike have experienced numerous benefits such as reduced overhead costs, increased employee satisfaction, and access to a broader talent pool. However, it has also introduced a complex web of tax [...]
As a small business owner, the word 'audit' can be a source of anxiety. However, understanding the common triggers for an IRS audit and taking proactive steps can significantly reduce the likelihood of facing one. This article explores the factors that could lead to an IRS audit for small and medium-sized businesses (SMBs) and provides practical tips on how to avoid them. Discrepancies in [...]
Article Highlights: Ghost Preparers PTIN Requirement Signing the Return Preparation to Boost Refund Taxpayer Left Holding the Bag How to Report Ghost Preparers Professional Tax Preparation As people begin to have their 2023 tax returns prepared, this is a reminder to avoid unethical “ghost” tax return preparers. A ghost preparer is someone who charges for but doesn't sign tax returns they prepare. Unscrupulous ghost [...]
Baby Boomers — the largest generation in America by the numbers — are approaching their golden years. This means that many are beginning to look ahead to a healthy and secure retirement as they put their years in the workforce behind them. One of the critical aspects of Boomer retirement planning is healthcare. In this comprehensive guide, we will delve into the importance of [...]
Article Highlights: Qualified Transportation Fringe Benefits (QTFB) Group Term Life Insurance (GTLI) Accident and Health Benefits Flexible Spending Arrangement Exclusion for Qualified Employee Discounts Dependent Care Assistance Program (DCAP) Adoption Assistance Qualified Educational Assistance Working Condition Educational Assistance Travel Expenses Transportation Expenses Moving Expenses Reimbursements for Use of Employee-Owned Vehicles Employer-Provided Vehicles Awards and Prizes Professional Licenses and Dues The tax code allows employers [...]
