The Taxpayer Advocate Service – When and how to get help

In case of emergency: break glass, stop drop and roll, dial 911. These are all practices that have been instilled in our minds since childhood as proper responses to a crisis situation. Personally, I just try to find an adult. But what do you do if you have a tax problem that even your CPA …

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Your stimulus check is in the mail

The Internal Revenue Service has fired up the printers to get stimulus checks into American’s pockets. They began processing the payments yesterday. The official payment date is January 4, 2021. The economic impact payments are part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 signed into law on Sunday night. The act …

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IRS announces standard mileage rates for 2021

On December 22, the Internal Revenue Service issued the standard mileage rates that will be in effect starting January 1, 2021. These rates are used to calculate the deductible costs per mile driven of operating an automobile for business, charitable, medical, or moving purposes. Don’t miss: Do social media influencers have to pay taxes? The …

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Do social media influencers have to pay taxes?

Short answer – yes. Generally, as a social media influencer, you are considered a self-employed independent contractor. As such, you must pay income taxes and self-employment taxes on the income that you generate. Don’t miss: Texas no longer sending reminders through the mail What is considered income? Depending on what you do as an influencer, …

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Texas no longer sending reminders through the mail

As state governments are still working to catch up with technology, Texas just released a notice to all 2021 Franchise Tax filers that they will no longer be receiving the “reminder to file or seek an extension” notices through the mail. Rather they will be emailed to the email on file. If you do not …

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Updates to GILTI High-Tax Exception regulations

The IRS issued final regulations to the High-Tax Exception (HTE) for Global Intangible Low-Taxed Income (GILTI) on July 20, 2020.  Although these final regulations are similar to the proposed regulations issued in June of 2019, they contain some modifications such as allowing an annual election rather than a five-year binding election and allowing for retroactive …

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IRS expands Identity Protection PIN Opt-In program to all taxpayers

Here is some good news for any taxpayer concerned about having their identity stolen. Beginning in January, the IRS Identity Protection PIN Opt-In program will be expanding to all taxpayers who can properly verify their identity. The PIN is a six-digit number assigned to eligible taxpayers created to help prevent their Social Security number from …

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Are you ready to file your 2020 taxes?

There’s no doubt about it that the year of 2020 has been one for the books. More reason to make sure that you are ready to file your 2020 tax return, right? Here are a few things to look at to prepare. Double check your withholding and make changes as soon as possible Don’t miss: …

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Abandoned property up for public bid

Ever wondered what happens to the contents of abandoned safety deposit boxes? Turns out after a number of years held by the state and listed on sites such as https://azdor.gov/unclaimed-property it ends up being auctioned off and starting today you can bid on what was inside! The Arizona Department of Revenue (ADOR) will hold a …

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Arizona Qualified Facility Tax Credit

If you are a manufacturing company in Arizona that sells the majority of your products outside of the state and are anticipating making additional capital investment in the state to create new jobs, you may be eligible to receive an allocation of the Arizona Qualified Facility Tax Credit. Before we go into how the application …

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