by briesterer | Jun 12, 2023 | Tax & Accounting
An IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources such as an employer, bank, or mortgage company does not match the income reported on the tax return. It is not a tax bill or a formal audit notification; it merely informs you...
by briesterer | Jun 9, 2023 | Tax & Accounting
Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as employees performing labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work...
by briesterer | May 19, 2023 | Financial Planning, Tax & Accounting
As a reminder, individuals with “seriously delinquent tax debts” could have their passport application or renewal denied or even have their current passport revoked, courtesy of the Fixing America’s Surface Transportation (FAST) Act, signed into law...
by briesterer | May 18, 2023 | Financial Planning, Tax & Accounting
Many parents are looking for ways to save for their child’s education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child’s...
by briesterer | May 18, 2023 | Financial Planning, Tax & Accounting
Taxpayers who reported certain state 2022 tax refunds as taxable income may need to file an amended tax return. Affected taxpayers include those who filed before February 10, 2023, and meet certain requirements. Taxpayers who used a tax professional should consult...
by briesterer | May 18, 2023 | Financial Planning, Tax & Accounting
Estimated tax is the method used to pay tax on income not subject to withholding, such as 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 an estimated tax if the income...
