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Non-Profits: Electronic Filing of Form 1024
February 4, 2022
By: HintonBurdick
Starting January 3, 2022, nonprofit organizations applying for recognition of exemption must submit Form 1024, Application for Recognition of Exemption Under Section 501(a) or Section 521 of the Internal Revenue Code, electronically online at Pay.gov. …
What is IRS Letter 6419?
February 4, 2022
By: HintonBurdick
Taxpayers should have started receiving IRS Letter 6419, 2021 advance CTC, in January. The advance child tax credit payments letter helps taxpayers get the remainder of their 2021 tax credit. It includes the total amount of advance child tax credit pay …
Tax Breaks for Older Adults and Retirees
February 4, 2022
By: HintonBurdick
Everyone wants to save money on their taxes, and retirees and older adults are no exception. If you’re 50 or older, here are six tax tips that could help you do just that. 1. Standard Deduction for Seniors If you and your spouse are 65 years old or old …
Working Remotely Could Affect Your Taxes
February 4, 2022
By: HintonBurdick
When COVID-19 struck, many employers quickly switched to a work-from-home model for their employees. Many of them began working in a state other than where their office was located. While some workers have returned to their offices, as the pandemic dra …
Three Tips for Getting an Accurate Business Valuation
February 4, 2022
By: HintonBurdick
If you’re conscientious about financial reporting, you may already have a sense of your company’s worth, but in some instances, you might need a formal business valuation, such as: Certain transactions: Are you selling your business? Planning an IPO? N …
What’s New for IRS Form 1040 This Year
February 4, 2022
By: HintonBurdick
If you’ve gathered your tax documents and are ready to tackle your tax return, there’s one more step you should take: becoming familiar with what’s new on the 2021 Form 1040. While the format of Form 1040 and its schedules remain similar to 2020, there …
