IRS Reports Delays in Processing Refunds

In the National Taxpayer Advocate’s Annual Report to Congress, Erin M. Collins focuses on processing and refund delays and the impact on taxpayers for 2021. The 2021 Annual Report to Congress called calendar year 2021 “the most challenging year taxpayers and tax professionals have ever experienced,” reporting tens of millions of taxpayers experiencing delays in…

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2022 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January…

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Federal Tax News for Businesses

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1. Court Limits Sole Proprietor’s Auto Expense Deductions Business owners can generally deduct the ordinary and necessary costs of doing business if they keep good records. To claim vehicle expenses, a contemporaneous log must be kept showing odometer readings, dates, business purpose of trips and miles driven. In one case, a personal trainer filed tax…

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Is Outsourcing Right for Your Practice?

In a rapidly changing health care climate, it pays to put all options on the table when considering improvements to your practice. Some of the ways you’ve traditionally done business may be holding you back. Perhaps it’s time to consider outsourcing some activities to ensure your practice continues to thrive. A cost-benefit analysis comes first…

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Part of the ‘New Normal” May Be More Fraud

According to “The Next Normal: Preparing for a Post-Pandemic Fraud Landscape,” released by the Association of Certified Fraud Examiners (ACFE) in September 2020, half of U.S. companies uncovered more fraud after the COVID-19 pandemic began than they experienced before. So if you’re now welcoming employees back in person or getting your business back to full…

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Federal Tax News

1. Parents of College Age Children May Qualify for a Tax Credit For purposes of the Child Tax Credit for the 2021 tax year, a qualifying child is one who doesn’t turn 18 before January 1, 2022, and who satisfies certain other conditions. Taxpayers who don’t qualify for the Child Tax Credit because their children…

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Considering Long-Term Care Insurance? Here’s What You Should Know

For some people, it’s easier to think about one’s eventual demise than to consider the possibility of needing the kind of personal assistance that long-term care (LTC) aides and facilities provide. Even so, ignoring the possibility of needing that care doesn’t make it go away. Today, around 7.5 million Americans have not only thought about…

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Employers: Don’t Overlook the Power of Group-Term Life Insurance

In today’s tight labor market, your organization may be searching for new and innovative ways to attract and retain employees. But one of the best benefits is hiding in plain sight: Group-term life insurance. It has been offered by employers to workers for decades and remains popular with both groups for good reason. It provides…

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