Owe the IRS Money? How Long Do They Have to Collect?
For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them.
Do You Need a New IRS Identity Verification?
In November of 2021, the Internal Revenue Service launched an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.
How Long Should You Keep Old Tax Records?
This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents? Generally, individuals should hold on to their income tax records for at least 3 years after the … Read More
Your Annual Reminder to File Worker 1099s
This is our annual reminder that if you use workers other than employees to perform services for your business and pay them $600 or more for the year, you are required to issue each one a Form 1099-NEC after the end of the year to avoid facing the loss of the deduction for their labor and expenses. The 1099s for 2020 must be provided to workers no later than February 1, 2021. The forms are normally due January 31, but since it falls on a Sunday in 2021, the due date is extended until February 1.
Should I Make An Estimated Tax Payment?
Estimated tax payments, should I make one? That is a good question and often comes up at the end of every year as to whether one should make an estimated tax payment or not. Let’s split … Read More
Massachusetts Tax Refund (or Federal): Checking the Status is Easy
If you already filed your Massachusetts or federal tax return and are due a refund, you can check the status of your refund online. Federal/IRS – Where’s My Refund? Where’s My Refund? is an interactive tool … Read More
Tax Filing: Jointly or Separately?
By: Alex Franch, BS EA Most married taxpayers know that they have the option to file jointly or separately for tax filing. The Federal income tax system prods taxpayers toward joint filing. This results in the … Read More
Pervasive Telephone Scams: Did you get a call from the IRS?
Identity theft comes in many ways, shapes and sizes. Thieves will stop at nothing to get ahold of your personal information. The best way for them to do this is to make you very afraid. And … Read More
Tax Penalties, Outrage and Indignation
By: Alex Franch, BS EA If you ever filed and paid your taxes late, you may have first-hand experience with tax penalties. Sometimes this results in a little bit of interest being charged but other times … Read More
Tips on the Dependent Care Tax Credit
by Cindy Toran, Tax Manager As any parent knows well, expenses for dependent care, such as child care or adult care, can be significant. The IRS provides a subsidy for working people who pay for dependent … Read More