Your Guide to State, Local, Federal, Estate + International Taxation

How to return an erroneous refund

Did you receive a refund that did not belong to you or was not the right amount? Whether it was a check or directly deposited, here is what to do to return it. In regard to stimulus payment checks, if you received one in error, the IRS has not set out guidelines on what the …

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Still waiting on your stimulus payments?

A Stimulus Payment or Economic Impact Payment (EIP) as it is referenced by the IRS was authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Individuals that have a gross income below $75,000 will receive $1,200 (filing joint will receive $2,400) and $500 for each dependent child under the age of 17. …

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Increased credit for small employer pension plan start-up costs

Do you have a small business? Do you like to save money, especially in taxes? Have you considered setting up a retirement plan for you and your employees, but did not want to spend the money and time getting one set up? Then I have news for you! Starting in 2020, the SECURE Act is …

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Preparing for an IRS audit

It’s not news the IRS is auditing fewer returns; staff levels are down. Still that is no excuse to “play the audit lottery” and cheat on your taxes. Despite low audit risk, the IRS is still conducting audits, whether or not you are preparing. What to do when that dreaded fat envelope shows up from …

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Beware of paycheck protection program loan scams

It never takes scammers long to show up with loan scams, and they certainly have not disappointed us when it comes to the Paycheck Protection Program (PPP) loans offered by the U.S. Small Business Administration (SBA). The Federal Trade Commission is warning business owners of scammers attempting to trick you into applying for the wrong …

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Bad debts. Can you take the deduction?

Have you ever lent money to another person or entity and quickly realized you’re never going to get it back – either personally or from your business? First, the concern was how to get the money back. Then, the money you loaned in good faith turned out to be a bad debt. There are a …

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Overheard during tax season

This has turned into somewhat of an annual look back on the tax season that has just passed. You know, things that have been overheard, but that make no sense to anyone who just happened to be passing through that little slice of time during tax season. But this year it is a little bit …

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Understanding household employees

The concept of household employees seems completely foreign to most people. I think it is a term that people have not heard of, but it applies to more people than you think. Here is a simple definition: a household employee is someone that is hired to do household work within your residence and qualifies as …

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Refundable tax ideas to get you through the COVID-19 pandemic

The federal government has devoted unprecedented resources to offset the economic losses caused by COVID-19. By now, most people have heard of the Coronavirus Aids, Relief and Economic Security (CARES) Act and the loans that are available under its popular Paycheck Protection Program (PPP). If you are not familiar with this program, here is a …

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