When you think about how many payroll forms need to be processed and filed, it's easy to feel overwhelmed or intimidated. But if you practice organized behaviors and stay aware of your tax deadlines, you can ensure that all documents are accurately filed. However, the possibility...
The IRS and its Security Summit partners continue to see a steady stream of attacks aimed at the nation's tax professionals to steal sensitive tax and financial information from their clients. One of the most common threats facing tax pros are phishing and related...
A natural disaster can strike without warning. Sometimes even the most diligent taxpayers are left without the important personal and financial records they need. People may need documentation for tax purposes, federal or state assistance programs or insurance claims. Here are some steps that can help...
As the Wall Street Journal pithily summarizes it, "Higher earners age 50 and up will get two more years to use pretax dollars for all of their retirement savings in 401(k)s and similar plans, after the Internal Revenue Service delayed a new requirement." The IRS has...
Amid rising concerns about a flood of improper Employee Retention Credit claims, the Internal Revenue Service announced an immediate moratorium through at least the end of the year on processing new claims for the pandemic-era relief program to protect honest small business owners from scams. IRS...
With the fall college semester approaching, the Internal Revenue Service reminded employers and employees that under federal law, employers who have educational assistance programs can use them to help pay student loans for their employees. As part of a wider effort to promote this benefit the...
The Tax Cuts and Jobs Act (TCJA) largely winds down at the end of 2025. Maybe. Many of its provisions are political, so much depends on who's in the White House and who has control of the House and Senate at that time. Before you start...
As the new school year begins, the Internal Revenue Service reminds teachers and other educators of the maximum educator expense deduction of $300 for out-of-pocket classroom expenses for 2023 when they file their federal income tax return next year. This is the same limit that applied...
Organizations applying for tax-exempt status must be organized and operated exclusively for any of these purposes: charitable, religious, educational, scientific, literary, testing for public safety, fostering national or international amateur sports competition, or preventing cruelty to children or animals. Organizations that want to apply for recognition...
IRS paperless processing initiative will eliminate up to 200 million pieces of paper annually, cut processing times in half, and expedite refunds by several weeks Paper-based processes have long hampered the IRS and frustrated taxpayers. The challenges created by paper are two-fold: taxpayers are unable...