In a recent keynote address to over 1,000 tax professionals in Chicago, John Koskinen, the Commissioner of the IRS, asked the audience to raise their hands if they had personally been contacted by someone pretending to be from the IRS. He reiterated that he was not talking about clients, but those sitting in the audience. Well over 50% of the professionals raised their hands. So did the IRS Commissioner.
With a sigh, you are relieved that yet another tax return has been sent off to the government. Another 12 months before you need to do this again. But before you close that tax file, there is still some work to do. If the IRS or state revenue department selects your return for review, you will need to be prepared. Here is what you need to know:
A surprise tax break for 2020 was passed into law last month. It may impact your situation if you received unemployment income this past year. This will mean filing amended tax returns for some and a delay in preparing your tax return for others.
The American Rescue Plan was recently signed into law and includes a third round of stimulus payments and many tax-related provisions. Here are some of the more prominent sections of the new legislation.
It’s difficult for smaller companies to compete with the management capacity of large chain stores or franchise operations. However, small companies can act more quickly than big companies. So, if you know what to monitor and where to get information, your business can be as successful as any.
With the backlog of tax return filing due to late changing tax laws, want to ensure your refund gets to you in the shortest amount of time? More importantly, how can you avoid receiving a letter from the IRS? Here are some of the most common tax filing mistakes:
Don’t get shocked by a high tax bill! Be prepared for these pandemic-related tax surprises when you file your 2020 tax return.