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5 Reasons Taxpayers over Age 70 1/2 Should Make a Charitable Donation From Their IRA NOW

Posted in Tax News on November 27, 2023

The Tax Cuts and Jobs Act (“TCJA”) almost doubled the Standard Deduction. For 2023, Single filers can claim $13,850, Head of Household $20,800 and Married Filing Jointly $27,700. Additionally, the maximum amount that can be deducted for state and local…

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Red Flags for Employee Retention Credit (ERC)

Posted in Small Business, Tax News on September 22, 2023

Red flags for Employee Retention Credit claims; IRS reminds businesses to watch out for warning signs of aggressive promotion that can mislead people into making improper ERC claims IR-2023-170: Page Last Reviewed or Updated: 15-Sep-2023   WASHINGTON — The Internal…

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IRS Orders Immediate Stop To New Employee Retention Credit Processing

Posted in Small Business, Tax News on September 21, 2023

To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims; concerns from tax pros   IR-2023-169, Sept. 14, 2023   Aggressive marketing to ineligible applicants highlights unacceptable risk to businesses…

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IRS Shifts Focus to Wealthy Taxpayers

Posted in Tax News on September 20, 2023

IRS Shifts Focus of Compliance Enforcement from Working-Class to Wealthy Taxpayers IR-2023-166, Sept. 8, 2023 As part of an effort to restore fairness to the tax system, the IRS has announced its plan to shift the focus of compliance enforcement…

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3 Smart Reasons to Use IRS Form 911

Posted in Tax News on July 5, 2023

This article is original content written by Thomas Scanlon, CPA, CFP® of Manchester, CT. Do you have an IRS issue and you can’t seem to get it resolved?  You’re not alone.   Back in the day, if you had an…

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