The window of opportunity to trim that 2020 tax bill, save for retirement and leverage strategies to secure your financial future is closing. To help Americans make these moves before it’s too late, CPA financial planners with the American Institute of CPAs (AICPA) share the...
What will 2021 bring us? After a year of turmoil and surprises, no one has a clear crystal ball. But there are some certainties, and one is that the federal government is changing a variety of number affecting the finances of businesses and individuals. First, any...
There are things taxpayers can do before the end of the year to help them get ready for the 2021 tax filing season. Below are a few of them: Donate to charity There is still time to make a 2020 donation. Taxpayers who don't itemize deductions may take...
An employee put in years of service with your company, or is an exemplary worker, but circumstances now lead to his or her departure. You have agreed to pay the employee severance, but you want him or her to receive the full amount, with no...
Payroll and taxes are usually a confusing topic for businesses who can easily find themselves in trouble with the IRS if payroll taxes are not reported correctly. For churches and places of worship, payroll taxes can be especially tricky due to the dual-tax status of...
The October 15 filing deadline for taxpayers who requested an extension to file their 2019 tax return is quickly approaching. Taxpayers should remember they can file whenever they’re ready and don’t have to wait until Thursday, Oct 15. These tools are available at IRS.gov to help...
Using the IRS Tax Withholding Estimator can help taxpayers have the right amount of tax withheld and avoid surprises when filing next year. Income taxes are pay-as-you-go. By law, taxpayers are required to pay most of their tax as income is received. There are two ways...
2020 has been a big year for tax law changes. The SECURE Act is the most significant retirement reform law in at least a decade. The CARES Act provided tax breaks designed to help ease the economic burden of the Coronavirus and related shutdowns. These...
Due to the Coronavirus pandemic, millions of Americans received or are currently receiving unemployment compensation, many of them for the first time. It’s important for these individuals to know that unemployment compensation is taxable. People can have taxes withheld from this compensation now to help avoid...
The July deadline for filing a 2019 tax return is near, but IRS tax help is available 24 hours a day on IRS.gov. Whether filing a tax return, requesting an extension or making a payment, the IRS website can help taxpayers answer most questions and...