Individual Tax

Is Your PPP Loan in Compliance with New IRS Guidance?

October 13, 2022

In the spring of 2020, as Covid-19 swept the country, the US government created the Paycheck Protection Program (PPP) in response to the crisis. Administered by the Small Business Association (SBA), PPP loans enabled thousands of small businesses to stay afloat and continue meeting their obligations even as the world shut down. Recipients of the…

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IRS Focus: Green Energy Incentives and High-Income Individuals

October 7, 2022

At a recent Tax Executives Institute event, Holly Paz, the deputy commissioner of the IRS’s Large Business & International division, told listeners that increasing staff who focus on high-income individual filers “is a really high priority area for the service.” She added that the green energy credits for businesses included in the Inflation Reduction Act…

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IRS Upgrades: What Better Funding Means for the IRS—and You

October 5, 2022

The recently passed Inflation Reduction Act includes $80 Billion in funds over the next 10 years to overhaul the IRS. The IRS and proponents of the funding are promising long-overdue upgrades to taxpayer services, enforcement, and technology. Critics have raised concerns that the emphasis on enforcement will result in more audits for average Americans. In…

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IRS Announces Interest Rate Increases for the Fourth Quarter of 2022

September 30, 2022

Higher federal short-term interest rates have caused the IRS to increase its interest rate for over and under-payments of tax obligations. Learn more about the updated interest rates for Q4 of 2022.

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Highlights of the Inflation Reduction Act of 2022

September 27, 2022

On Tuesday, August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 into law. This sweeping legislation includes provisions aimed at combatting climate change, reducing healthcare costs, and raising tax revenue, among other initiatives. Its goals include reducing the deficit by around $300 billion, lowering carbon emissions by about 40% by 2030, and,…

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Year-End Tax Letter 2021

December 10, 2021

  Our 2021 Year-End Tax Letter outlines important guidelines for compliance with federal and state rules of taxation and reporting requirements. This letter contains useful information regarding some of the more significant changes to the tax code from legislation enacted in the last few years. This letter also contains 2021 and 2022 payroll tax requirements,…

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IRS Offers IRS Identity Protection with Expanded Program

December 14, 2020

The Internal Revenue Service is now allowing any taxpayer who wishes to add a level of protection to their tax return filing to apply for a unique six digit IRS Identity Protection PIN. We have included below the instructions to get your unique PIN by either applying online, filing form 15277 if eligible, or going…

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House Approves Second Stimulus Package

May 16, 2020

On May 15, 2020 the House voted to approve a $3 trillion, 1800-page second stimulus package named the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act). This Bill would include allowing a deduction for the qualifying expenses paid with PPP loan proceeds, a second round of stimulus payments to individual Americans, and would extend…

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IRS Launches Get My Payment Online Application

April 16, 2020

Yesterday, the IRS working with the Treasury Department launched Get My Payment, an online application with features to let taxpayers check on their Economic Impact Payment date and update their direct deposit information. Please note that after launching Get My Payment yesterday, the IRS sent out an update later in the day that it is…

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Amy Phelan Quoted in Financial Advisor Magazine

December 4, 2019

Amy Phelan was quoted in a Financial Advisor Magazine article that discusses strategies for charitable giving after the Tax Cuts and Jobs Act. The article states that taxpayers turning 70½ are required to take a distribution from their IRA, but they can instead give that distribution directly to a charity, which counts as a tax-free…

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