Child Tax Credit: New update address feature available with IRS online portal; make other...

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The Internal Revenue Service has launched a new feature allowing any family receiving monthly Child Tax Credit payments to quickly and easily update their...

IRS News: Refunds for Unemployment Tax

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The IRS announced they will be sending refunds to the approximately 13 million taxpayers affected by the tax law change regarding unemployment compensation received.

Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment...

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The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year...

SBA rules PPP borrowers can use gross income

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The U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C,  Profit...

Five Tips for 1099s in QuickBooks Online

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As if 2020 hasn’t been challenging enough now at the mad dash to the year-end we need to learn and comply with the new...

What does the rescheduling of Cannabis do?

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Cannabis taxes are complicated. Reporting “illegal” activity to the Federal government comes with a lot of conservative enforcement of extreme laws. In particular, 280E....

The Neverending Tax Story – October 15th Disaster Deadlines Pushed

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2020 is the year of the neverending tax seasons. The original April 15th deadline was pushed to July 15th and now we have enough...

Is it a Hobby or a Business?

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You’re a tax professional, so I don’t need to tell you that whether your client thinks his hobby is just a hobby or a...

IRS Accepting Limited Digital Signatures

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On Friday, the IRS announced that it will temporarily accept digital signatures on a handful of forms that cannot be filed electronically. The change...

Compliance Assurance Process

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The Compliance Assurance Process (CAP) was developed by the Large Business and International (LB&I) Division of the IRS to improve the federal tax compliance...

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To plug in or to not plug in? A look at EV credits

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The Inflation Reduction Act of 2022 changes the rules on electric vehicle credits. Are they still worth the investment and which ones does the...

Why tax efficiency is a top concern

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We recently marked the official opening of the 2022 return filing season. The IRS began accepting returns on Jan. 23. As per usual, not...

3 ways to encourage creativity in your practice

Accountants tend to think in black and white. Maybe it is the world of numbers and rules we live in all day. But when...