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

Tax method changes can provide beneficial opportunities

Last week I was visiting with a friend of mine who runs a family-owned business in Colorado. I have historically removed myself from any financial or tax discussions with him as they have used the same local advisor for many years. However, as we were visiting the new local brewery the topic of taxation came …

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How to use the IRS’s Identity Verification Service

In an effort to tamp down on fraud, the Internal Revenue Service has repeatedly reminded Americans it will never contact taxpayers by telephone. When the IRS needs to talk to you, it will send you a letter, directing you to call a telephone number or log in online. Now, the agency has gone a step …

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Is increased cryptocurrency regulation on the horizon?

The last few years have brought cryptocurrencies far more into the mainstream, thanks in large part to the meteoric rise in asset value for many of the coins. Such mainstream attention has already brought additional cryptocurrency regulation and IRS scrutiny – in 2014 the IRS began asking taxpayers directly on their Form 1040 whether or …

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Arizona implements flat tax and elective small business income tax

The Arizona House and Senate have come together to get a bill to Governor Doug Ducey for signature. Included in the bill is the implementation of a flat tax, which isn’t really flat until at least three years out. For 2021, there will be a total of four tax brackets: 2.59%, 3.34%, 4.17% and 4.5%. For 2022, …

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Opting out of the advance child tax credit payments

If you haven’t heard the big news, Congress has increased the amount of the 2021 Child Tax Credits. Also, one half of the credit you’re potentially entitled to will come in the form of advance payments, starting July 15th. The advance child tax credit payments will come in equal installments once a month for six …

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IRS won’t raise interest rates in 2021 third quarter

The Internal Revenue Service has announced interest rates will not change for the quarter beginning on July 1, 2021. The interest rates are determined on a quarterly basis, as per the Internal Revenue Code. Don’t miss: What you should know about the 2021 child tax credit For most taxpayers who are not corporations, the overpayment …

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What you should know about the 2021 child tax credit

The American Rescue Plan passed by Congress in March of 2021 included important changes to the child tax credit. Prior to its passage, the child tax credit was $2,000 per qualifying child with up to $1,400 available as a refundable credit. In 2021, the credit has been increased to $3,000 per qualifying child between the …

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Tax expertise is what you make it

We consider ourselves lucky here that we have a wide variety of tax expertise in an assortment of tax areas. Some of the expertise is organic, some we have hired into the firm. Not only do we have the expertise, but everyone is willing to share and help out others in the firm. How do …

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Free eBook offers details on COVID economic resources

Looking for all finance related COVID-19 information? Since the onset of the pandemic, multiple aid packages, legislation, guidance, deadlines, caps and more have been issued, changed or suspended. It’s enough to make your head spin. Henry+Horne has stayed on top of the changes so you don’t have to and we’ve compiled it all into a …

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Tax information leak leads to possible federal investigation

On June 8th, an article was released by news organization ProPublica, claiming to have obtained over 15 years worth of confidential IRS information on the United States wealthiest billionaires. ProPublica stated they obtained the tax information leak from an anonymous source, and have not commented on when the data was obtained. In addition to outcry …

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