Where’s my refund? Check your tax return status.

Did you know you don’t have to call the IRS to see when your tax refund will be in your bank account? In fact, the IRS recently updates their FAQs on the status of non-amended and amended returns and say you should refer to those rather than calling them. Due to COVID-19, there are still …

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Split wages and withholdings in a community property state

Going back in its long history, state community property laws were justified by the pragmatic recognition that such joint ownership recognizes the theoretically equal contributions of both spouses to the creation and operation of the family unit, as a basic component of a civil society. Currently there are only nine states which are considered “community …

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Accountable plans save you taxes and benefit employees

When the Tax Cuts and Jobs Act (TCJA) was put into place at the end of 2017, one of the biggest disadvantages to taxpayers was the removal of miscellaneous itemized deductions for employee expenses. Employees used to receive a deduction on their schedule A for unreimbursed expenses incurred as an employee, but that is no …

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What to do with 401k forfeitures

Most 401k plans include either employer match contributions or employer profit sharing contributions. These types of contributions may have a vesting schedule attached to them which is determined by the employer. A vesting schedule dictates how much of the employer contributions are owned by an employee based on their time with the company. This means …

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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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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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How to avoid common 401(k) plan administrative issues

401(k) plans are highly regulated and have many rules as found in the Employee Retirement Income Security Act (ERISA).  It can be difficult to keep your plan in line with ERISA regulations, but the following suggestions can help. Don’t miss: Defining compensation within a 401(k) plan ERISA requires that a 401(k) plan must operate according …

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Do you qualify for the Employee Retention Credit?

With all the changes 2020 has brought us, the IRS figured why not add another to the seemingly never-ending list. Here comes the Employee Retention Credit (“ERC”). The ERC is a refundable payroll tax credit for qualified wages paid and health coverage provided by an employer whose operation was fully or partially suspended from the …

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