Tax – Business

Tax-Business

14 Dec, 2023
With year-end approaching, it is time to start thinking about moves that may help lower your business's taxes for this year and next.
By Greg Dowell 13 Nov, 2023
Catching many businesses by surprise, this Act kicks in with filing requirements as early as January 1, 2024.
By Greg Dowell 16 Aug, 2023
ESOPs have been around for years; they could be a solution for ownership transition.
By Greg Dowell 11 Mar, 2023
Don't forget a birthday, anniversary, or any of these tax filing dates . . .
By Greg Dowell 04 Jan, 2023
Corporate Jet - What's the right choice for your business?
By Jason Rothenburger 02 Dec, 2022
With year-end approaching, it is time to start thinking about moves that may help lower your business’s taxes for this year and next.
By Greg Dowell 01 Dec, 2022
"How long do I need to keep my tax returns?" is one of the most frequent questions we are asked. Unfortunately, the answer is not always simple - read on.
By Greg Dowell 09 Aug, 2022
Takeaway: Inflation Reduction Act minimally impacts smaller businesses, except for additional IRS enforcement funding.
By Greg Dowell 21 Feb, 2022
75% of the qualified contribution is allowed for as an Illinois income tax credit.
03 Feb, 2022
2022 Tax Filing Season started January 24: The IRS officially started the 2022 tax season on Monday, January 24 th , when the tax agency began accepting and processing 2021 tax year returns. The January 24 start date for individual tax return filers allowed the IRS time to perform programming and testing that is critical to ensuring IRS systems run smoothly. Updated programming helps ensure that eligible people can claim the proper amount of the Child Tax Credit (CTC) after comparing their 2021 advance credits and claim any remaining stimulus money as a Recovery Rebate Credit when they file their 2021 tax return. Advance Child Tax Credit Information Letters The IRS will issue information letters to Advance Child Tax Credit (ACTC) recipients. To help taxpayers reconcile and receive all of the Child Tax Credits (CTC) to which they are entitled, the IRS will send Letter 6419 (2021 Advance CTC). The letter will include the total amount of ACTC payments taxpayers received in 2021 and the number of qualifying children used to calculate the advance payments. Taxpayers should keep this and any other IRS letters about ACTC payments with their tax records. Families who received advance payments will need to file a 2021 tax return and compare the CTC payments they received in 2021 with the amount of the CTC they can properly claim on their 2021 tax return. People who received the advance CTC payments can also check the amount of their payment using the CTC update portal available on www.irs.gov . We are encouraging clients to carefully review these 6419 letters for accuracy. Third Economic Impact Payment (Stimulus payment) Most eligible people were already issued their third Economic Impact Payment and won’t include any information about it when they file. However, people who didn't qualify for a third payment or did not receive the full amount may be eligible for the 2021 Recovery Rebate Credit based on their 2021 tax situation. They will need the total amount of their third Economic Impact Payment to file an accurate tax return to avoid a processing delay. Taxpayers can sign into their IRS Online Account to view the total amount of the third-round Economic Impact Payment or wait to receive IRS Letter 6475. IP PIN The IRS IP PIN (Identity Protection, Personal Identification Number) is a 6-digit number assigned to only eligible taxpayers to help prevent the misuse of their Social Security number on fraudulent federal income tax returns. Most taxpayers don't need an IP PIN. However, you may request one as a proactive step to protect yourself from tax-related identity theft. If you want to request an IP PIN, you must pass a rigorous identity verification process. Spouses and dependents are eligible for an IP PIN if they can pass the identity verification process. If you know you need an IP PIN to file your taxes and you lost your CP01A letter (or never received it) you can: · Retrieve your IP PIN online at the IRS's Get an IP PIN site ; or · Call the IRS at 1-800-908-4490 to have your IP PIN mailed to you. Will take up to 21 days. Pandemic delays it longer. You can only get IP PINs from the IRS. A webpage from the authentic IRS website will always have a URL (web address) beginning, "https://www.irs.gov". Be cautious. Links to websites which appear in search engine results often appear authentic, but can be fake. To be safe, do not click on the link shown in a search result. Once you are assigned an IP PIN, each year in early January, the IRS issues a notice in the postal US mail called, Notice: CP01A, which contains your unique 6-digit IP PIN. This number will change for each tax year. To prevent rejection of your electronically filed tax return, this document should be included with your tax return supporting documentation. E-filing is not possible without it. If you're unable to retrieve your IP PIN online, you may call the IRS at 800-908-4490 for specialized assistance, Monday - Friday, 7 a.m. - 7 p.m. your local time (Alaska & Hawaii follow Pacific Time), to have your IP PIN reissued. An assistor will verify your identity and mail your IP PIN to your address of record within 21 days. Exceptions: • If you’ve moved since January 1 of this year, or • It’s after October 14 and you haven’t filed your current or prior year Forms 1040, 1040A, 1040EZ, or 1040 PR/SS, you’ll need to complete and mail a paper tax return without your IP PIN. The IRS will review your return to confirm it is yours but this may delay any refund you are due. Electronic Filing and Direct Deposit In the annual report delivered to Congress, the National Taxpayer Advocate states that “Paper is the IRS’s Kryptonite, and the agency is still buried in it”. As of late December, the IRS had backlogs of 6 million unprocessed original individual returns and 2.3 million amended individual returns. Paper-filed tax returns and paper refund checks will take even longer this year. The IRS is encouraging taxpayers to file electronically and use direct deposit to get their refunds. Combining e-file with direct deposit is the safest and fastest way to receive a refund. When choosing e-file and direct deposit, most people receive their refunds in less than 21 days. This could take longer if the tax return requires further review which is another reason to confirm your Advanced Child Tax Credits and Economic Impact Payments before filing your return. 
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