Financial Insights from Our Newsletter
Newsletters
Tuesday, August 29, 2023
The Internal Revenue Servicev announced that interest rates will increase for the calendar quarter beginning Oct.1, 2023. For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily. Here is a complete list of the new rates:
Tuesday, August 29, 2023
All cash and non-cash tips an employee receives are income and are subject to Federal income taxes. All cash tips received by an employee in any calendar month are subject to social security and Medicare taxes and must be reported to the employer, unless the tips received are less than $20.
Tuesday, August 8, 2023
Ending unannounced visits to taxpayers will increase confidence in IRS's tax administration work and improve overall safety for taxpayers and IRS employees. Fraudsters bombarding taxpayers by mail, by phone, and in person increased confusion about home visits by revenue officers.
Tuesday, July 18, 2023
After a natural disaster, taxpayers need records to help them prove and recover disaster-related losses. This may be for tax purposes, getting support from federal assistance program or for insurance claims.
Wednesday, July 5, 2023
The Internal Revenue Service warned taxpayers to be on the lookout for a new scam mailing that tries to mislead people into believing they are owed a refund.
Wednesday, June 21, 2023
Summer is coming and school will be ending. But take heart some of the cost of sending children to summer day camp may be deductible.
Tuesday, June 20, 2023
Many people move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return.
Friday, June 2, 2023
The IRS and tax professionals continue to see third parties aggressively promoting Employee Retention Credit schemes on radio and online.
- Time Running Out to Claim $1.5 Billion in Refunds for Tax Year 2019, Taxpayers Face July 17 Deadline
Tuesday, May 9, 2023
The IRS estimates almost $1.5 billion in refunds remain unclaimed because people haven't filed their 2019 tax returns yet. The average median refund is $893 for this year.
Monday, May 8, 2023
Form 990-series information returns and notices are due on the 15th day of the fifth month after an organization’s tax year ends.