From the IRS Tag

Will I Qualify for a Stimulus Check?

Individuals who earn $75k or married individuals, filing jointly earning $150K or less as reflected by their adjusted gross income, qualify for the full stimulus payment. If you received a refund and provided your […]

Economic Impact Payments – What You Need To Know

The Following information is from the IRS Newswire Service – March 30, 2020. Economic impact payments: What you need to know No action needed by most people at this time IR-2020-61, March 30, 2020 […]

Scammers and IRS Impersonation – Did You Know?

The IRS has issued alerts about scammers that are continuing to contact taxpayers. Among the most common are phone calls and fake emails. Thieves use the IRS name, logo or a fake website to […]

HDHPs and COVID-19 – Did You Know?

The IRS has advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment without jeopardizing their status. If you have a HDHP that covers these costs, you may […]

Tax FAQ Series – I owe taxes for a previous year, but I am getting a refund for the current year. What should I do?

You can just pay the difference. When you’re entitled to a refund, the IRS will first check to see if there are any amounts due for prior years and apply the refund to those […]

Tax FAQ Series – What should you know about filing prior year returns?

Filing a prior year return start the Statute of Limitations clock – as a general rule, the law allows the IRS to audit any return up to three years back from the date it’s […]

Tax FAQ Series – Do I Need To Keep Records?

Yes! What records you need for your business should be shaped by the needs of your business (not the IRS). If you need detailed records of inventory or customer receivables, then keep them. And […]

IRS Dispels Five Myths About Tax Refunds

As we approach the tax deadline, taxpayers are anxious to receive their tax refunds. Rumors about refunds often circulate online. The IRS dispelled five of these myths about tax refunds. We’ve summarized these myths […]

IRS Answers Questions Regarding 7 Common Tax Myths

The Internal Revenue service offered taxpayers some tips today to help clear up some common misconceptions and provided a list of common tax myths. We hear these misconceptions often and have summarized the IRS […]

What the 2018 Tax Brackets Look Like Under Tax Reform

We heard last week that the max personal tax category would be 37%. We now have info on all the personal tax categories along with a few more details. One more committee review then […]