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Avoid Refund Delays by Renewing Expiring ITINs Now
People who are not eligible for a Social Security number must use individual taxpayer identification numbers (ITINs) if they have tax filing or payment obligations under U.S. law. Periodically and under certain circumstances, these ITINs expire and should be renewed...
Final Regulations for 100 Percent Bonus Depreciation
Final regulations have been issued by the Treasury Department and the Internal Revenue Service implementing the 100% additional first year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are...
Health Coverage Terms Employers Should Know
Under the Affordable Care Act, certain employers - known as applicable large employers - are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2021 health coverage for your employees. If you are...
Choosing a Retirement Destination: Tax Considerations
With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they...
Taking Early Withdrawals From Retirement Accounts
While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here's what you need to know....
Tax Treatment of Virtual Currency Transactions
Whether you've invested in Bitcoin and sold it at a profit or loss or received it for services performed, you'll need to report it on your tax return. Here's what you should know: Background Prior to 2014, there was no IRS guidance and many people did not understand...
Six Tips for Starting Your Own Business
Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your...
Paycheck Protection Program (PPP) Loan Forgiveness Event
We had a great turnout for our virtual PPP Loan Forgiveness presentation. The presentation was led by Todd Feltner, Chad Lambert, and Candus Tibbitts. Topics covered include Paycheck Protection Program facts, required documentation, key terminology, tax implications,...
E-Signatures Temporarily Allowed for Certain Forms
The use of digital signatures on certain forms that cannot be filed electronically will now be allowed temporarily. Expanding the use of digital signatures will help to protect the health of taxpayers and tax professionals during the coronavirus pandemic by reducing...
What To Do If You Get a Letter From the IRS
Each year, the IRS mails millions of notices and letters to taxpayers for a variety of reasons. If you receive correspondence from the IRS don't panic. You can usually deal with a notice simply by responding to it. Most IRS notices are about federal tax returns or tax...
