Don’t Worry About Those Folks…
It’s human nature to compare our own situation to those around us, and while we might not think we care, the truth is, we do. How many times has a coworker or neighbor’s purchase of an item prompted us to buy something? Let me tell you this: When it comes to the call of buying […]
Premium assistance and tax credit for continuation health coverage
IR-2021-115, May 18, 2021 WASHINGTON — The Internal Revenue Service today provided guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). Notice 2021-31 PDF provides guidance for employers, plan administrators, and health insurers regarding the new credit available to them […]
Know Your Value and Ask For That Raise!
The last year has changed a LOT of things, and while many people are in new careers or learning how to do old jobs in new ways, let’s take a few minutes to discuss some techniques you might be able to use if you are out hunting a job or looking to make more money […]
Refundable Child Tax Credit
IR-2021-113, May 17, 2021 WASHINGTON — The Internal Revenue Service and the U.S. Department of the Treasury announced today that the first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households — covering 88% of children in the […]
Correcting tax returns for unemployment compensation income exclusion
IR-2021-111, May 14, 2021 WASHINGTON — The Internal Revenue Service will begin issuing refunds this week to eligible taxpayers who paid taxes on 2020 unemployment compensation that the recently-enacted American Rescue Plan later excluded from taxable income. The IRS identified over 10 million taxpayers who filed their tax returns prior to the American Rescue Plan of 2021 […]
Business tax problem
From a professional point of view, how often should you speak with your tax specialist or CPA? Surprisingly enough, the answer is usually not often enough. While there is usually no set timeframe between visits or discussions and even emails, there are a few points to consider that will help you to determine the right […]
PUSH! For a successful business
I have to be honest – no matter how long I’ve been involved in the world of accounting, I never thought I’d see as many bad habits among such smart people. No, I’m not talking about personal habits, or even business decorum, I’m talking about bad advice. How to handle money. How to think about […]
2022-2024 volunteer Taxpayer Advocacy Panel
IR-2021-109, May 13, 2021 WASHINGTON — The Internal Revenue Service has extended the deadline for civic-minded volunteers to apply for membership on the Taxpayer Advocacy Panel (TAP) for 2022. Taxpayers may submit a TAP application online at www.improveirs.org through June 1, 2021. The TAP is a federal advisory committee that listens to taxpayers, identifies major taxpayer concerns […]
It’s Never Too Late To Grow
No matter how much success you enjoyed last year (with all the challenges), I have to ask you to do one thing for me in 2021: Dare to grow. It’s my belief that, long term, we’ll see more millionaires and household names created from entrepreneurs who took the chance and choose to expand in the […]
IRS grants dyed diesel fuel penalty relief
IR-2021-108, May 13, 2021 WASHINGTON — The Internal Revenue Service, in response to disruptions of the fuel supply chain, will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in the states of Alabama, Delaware, Georgia, Florida, Louisiana, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, […]
