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Final 2022 Estimated Tax Payment Due January 17th

By |2023-01-03T14:24:57-05:00January 3rd, 2023|Individual Income Tax, Tax Payments|

Source: IRS.gov IRS reminder to many: Make final 2022 quarterly tax payment by Jan. 17; avoid surprise tax bill, possible penalty   WASHINGTON − The IRS urges taxpayers to check into their options to avoid being subject to estimated tax penalties, which apply when someone underpays their taxes. Taxpayers who [...]

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THE INFLATION REDUCTION ACT OF 2022

By |2022-12-31T11:36:19-05:00December 15th, 2022|Affordable Care / ObamaCare, Corporate Income Tax, Individual Income Tax|

SUMMARY:  The Inflation Reduction Act of 2022 will make a historic down payment on deficit reduction to fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The bill will also finally allow Medicare to negotiate for prescription drug prices and [...]

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IRS: Hurricane Ian victims in the Carolinas qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15

By |2022-10-06T11:56:03-04:00October 6th, 2022|Individual Income Tax, News Articles|

Issue Number:    IR-2022-173 IRS: Hurricane Ian victims in the Carolinas qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15 WASHINGTON — Hurricane Ian victims throughout both North Carolina and South Carolina now have until Feb. 15, 2023, to file various federal individual and business tax returns and [...]

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IRS: Hurricane Ian victims in Florida qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15

By |2022-09-29T15:26:26-04:00September 29th, 2022|Individual Income Tax, News Articles|

Issue Number:    IR-2022-168 IRS: Hurricane Ian victims in Florida qualify for tax relief; Oct. 17 deadline, other dates extended to Feb. 15 WASHINGTON — Hurricane Ian victims throughout Florida now have until Feb. 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal [...]

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IRS Provides Update on Unprocessed Returns

By |2022-09-01T16:44:30-04:00September 1st, 2022|Corporate Income Tax, Individual Income Tax, News Articles|

As of Aug. 19, the IRS had 8.7 million unprocessed individual tax returns that were submitted in 2022, but continues to open mail within its normal timeframes, according to an update posted to the IRS's website Aug. 29. The unprocessed returns include those filed for the 2021 tax year and [...]

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College students should study up on these two tax credits

By |2022-08-11T12:06:36-04:00August 11th, 2022|Individual Income Tax, Students and Education|

Source: IRS.gov Issue Number: Tax Tip 2022-123 College students should study up on these two tax credits Anyone pursuing higher education, including specialized job training and grad school, knows it can be pricey. Eligible taxpayers who paid higher education costs for themselves, their spouse or dependents in 2021 may be able [...]

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Money received through ‘crowdfunding’ may be taxable… Gifts vs. Income?

By |2022-03-22T08:41:50-04:00March 24th, 2022|Individual Income Tax|

Source: IRS.gov Issue Number:    FS-2022-20 Inside This Issue Money received through ‘crowdfunding’ may be taxable; taxpayers should understand their obligations and the benefits of good recordkeeping Understanding Crowdfunding Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people. The contributions may be solicited [...]

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Tax Reporting for Virtual Currency

By |2022-03-22T08:28:39-04:00March 22nd, 2022|Individual Income Tax|

Confused about your gains and losses from Virtual Currency transactions? We can help! The IRS recently published an article reminding taxpayers about reporting your crypto transactions on your tax return.   Source: IRS.gov Issue Number:    IR-2022-61 IRS reminds taxpayers they must check a box on Form 1040, 1040-SR or 1040-NR on [...]

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IRS to Suspend Mailing Additional Letters

By |2022-02-09T19:16:28-05:00February 9th, 2022|Individual Income Tax, News Articles|

IRS.gov Issue Number:   IR-2022-31 IRS continues work to help taxpayers; suspends mailing of additional letters WASHINGTON – As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters, including the mailing of automated collection notices [...]

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2022 Tax Filing Opens Monday!

By |2023-01-23T03:50:09-05:00January 20th, 2022|Individual Income Tax|

Issue Number:    IR-2022-08 Inside This Issue 2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline WASHINGTON − The Internal Revenue Service announced that the nation's tax season will start on Monday, Jan. 24, 2022, when the tax agency [...]

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