by Jennifer Capezzuto Stott | Jan 28, 2022 | Tax
The pandemic shutdown in 2020, staffing shortages, budget limitations, and numerous tax law changes have converged to cause a snowball effect on the IRS’s ability to process returns in a timely manner. Both taxpayers and tax professionals have been heavily impacted...
by Jennifer Capezzuto Stott | Dec 17, 2021 | Tax
The IRS announced that it will be sending out letters to everyone who received advance Child Tax Credit payments. Please be on the lookout for this letter and DO NOT throw it away. IRS Letter 6419 will go out January 19, 2022. It will show the total amount of advance...
by Jennifer Capezzuto Stott | Mar 22, 2021 | Tax
The IRS announced a change in the deadline for certain federal tax return and payment due dates. Here is what is extended as of this posting (March 19, 2021): 2020 Individual 1040 returns are now due May 17, 2021 2020 Individual 1040 tax payments are now due May 17,...
by Jennifer Capezzuto Stott | Mar 15, 2021 | Blog, Tax
The American Rescue Plan Act of 2021 (ARPA) signed into law on March 11, 2021 by President Biden contains numerous tax provisions which may affect the tax situation for your business in 2020 and 2021. We’ll provide a general recap of some of the major changes...
by Jennifer Capezzuto Stott | Mar 15, 2021 | Blog, Tax
The American Rescue Plan Act of 2021 (ARPA) signed into law on March 11, 2021 by President Biden contains numerous tax provisions which may affect your taxes in 2020 and 2021. We’ll provide a general recap of some of the major changes in this article. Recovery Rebate...
by Jennifer Capezzuto Stott | Feb 8, 2021 | Blog, Business Tips, Tax
The Employee Retention Credit is one of the many IRS tax breaks for businesses that was included in the 2020 CARES Act as well as the recent Consolidated Appropriations Act, 2021. The goal of the credit is to provide financial relief to businesses that suffered from...
