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Employee Relocation: What Happens to Your Home?
July 6, 2021
By: HintonBurdick
Employees and small business owners often have questions about what to do with an employee’s home – and what the tax consequences might be – when they move to a new job location. Here are some answers: Employees Most employers want to protect the emplo …
Small Business: Understanding Payroll Expenses
July 6, 2021
By: HintonBurdick
Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who is just starting or one who has been in business for a while – ready to hire an employee or two – here is what you shou …
Advance Child Tax Credit Payments Start This Month
July 6, 2021
By: HintonBurdick
The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting July 15, 2021. Here’s what familie …
Tips for Students with a Summer Job
June 1, 2021
By: HintonBurdick
If your child is a student with a summer job, your child’s income over the summer is considered taxable income. Here’s what they should know: Form W-4. When anyone gets a new job, they need to fill out a Form W-4, Employee’s Withholding Allowance Certi …
What is an Economic Impact Notice?
June 1, 2021
By: HintonBurdick
After a taxpayer has been issued an Economic Impact Payment, the IRS is required to mail an Economic Impact Notice to the recipient at their last known address. This notice provides information about the amount of the Economic Impact Payment, how it wa …
HSA Limits Increase for 2022
June 1, 2021
By: HintonBurdick
Contributions to a Health Savings Account (HSA) are used to pay current or future medical expenses of the account owner, his or her spouse, and any qualified dependent and are adjusted annually for inflation. For 2022, the annual inflation-adjusted con …
Payment for Refundable Child Tax Credit Starts July 15
June 1, 2021
By: HintonBurdick
The first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households – nearly 90 percent of children in the United States – are slated to begin recei …
How to Check the Status of Your Tax Refund
June 1, 2021
By: HintonBurdick
Taxpayers can start checking their tax refund status within 24 hours after receiving an e-filed return. The easiest and most convenient way to do this is by using the Where’s My Refund? Tool on the IRS website. The tool also provides a personalized ref …
What are Estimated Tax Payments?
June 1, 2021
By: HintonBurdick
Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay …
Expat Compliance With US Tax Filing Obligations
June 1, 2021
By: HintonBurdick
Taxpayers who relinquish citizenship without complying with their U.S. tax obligations are subject to the significant tax consequences of the U.S. expatriation tax regime. If you’re an expat who has relinquished – or intends to relinquish – your U.S. c …
