Scams are on the rise now that it’s tax season. The IRS has made taxpayers aware of popular scams on their website, including: Charity Impersonators To make sure the charity you are donating to is legitimate, then you can use the tax exempt organization search function at https://apps.irs.gov/app/eos/ Unfortunately, a contribution to a fake charity […]
IRS Resolution
Don’t Make These 2 Mistakes When Paying Your Taxes
When paying your tax balances or estimated tax payments, there are two ways that commonly create issues with the IRS and the states. These are: Paying by Check Making a tax payment with an old-fashioned check creates issues in multiple ways. Making a Payment from Your Spouse’s Tax Account or Social Security Number For some […]
Useful Online Tools at the IRS
The IRS has some useful tools on their website irs.gov. Be careful to make sure you use .gov after typing irs. Here are some of the tools: Where’s My Refund? To track the status of your refund after filing your individual return, click on Get your refund status. You will need: Make a Payment You […]
How Long to Keep Your Tax Records?
How long should you keep your tax records? The answer may surprise you and there are pitfalls to be aware of. The IRS provides general guidelines for common situations as follows: General Rules Pitfalls to be Aware of Since most records can easily be converted to electronic form, I recommend keeping your tax returns and […]
Overlooked Financial Maneuver
I’ve noticed a recurring theme over the years, and it’s more common than you would think. It’s helpful to do this one thing, especially as a business owner, and I’ll explain why. Because it’s simplistic it is often overlooked, but I’ll tell you why it is so important. The one overlooked financial maneuver is to […]
IRS is Stepping it Up
The Inflation Reduction Act increased the budget of the IRS substantially, and their efforts are already proving to be effective. Think of them as a bully who started to take steroids while training in jiu-jitsu. Here are the latest reported examples of their efforts: $172 Million Recovered from 21,000 Wealthy Taxpayers In February 2024, the […]
How Many Returns Are Unprocessed by the IRS?
Can you guess how many tax returns are unprocessed by the IRS as of the middle of March? The number is 7 million unprocessed individual returns. It is taking the IRS more than 21 days to issue any related refunds and in some cases it can take 90 to 120 days. If there are any […]
Your Refund Will Be Delayed Unless . . .
Your refund may be delayed if you don’t report this properly on your tax return this year: Unfortunately, some of the information sent to you may not be accurate. You need to do this instead: If you have children, then go to irs.gov/account to retrieve information regarding the Advance Child Tax Credit. Even if you […]
Challenges at the IRS
The IRS is facing many challenges that have carried over from last year. According to the IRS, its workforce has shrunk by 17% from 2010, while its workload, as measured by the number of individual return filings, has increased by 19 percent. What are some issues and what can you do for this tax filing […]
Possible Extensions
There have been major challenges with being able to file tax returns, especially business returns, which are due soon on March 15th for s-corporations and partnerships. This relates to new tax laws, loan forgiveness, and delays with states approving tax forms and software. Additionally, New Jersey has new complexities with its new BAIT (Business Alternative […]