The Internal Revenue Service issued an announcement related to the 2021 Recovery Rebate Credit. Taxpayers that were eligible for the credit and filed a 2021 tax return but did not claim their Recovery Rebate Credit will automatically receive a payment. The Recovery Rebate Credit is a refundable credit that was available on the 2021 income […]
The American people have decided, and the election outcome paves the way for President-elect Donald Trump with a Republican-controlled Congress to push through key aspects of his ambitious policy agenda. Trump’s victory increases the likelihood that expiring tax provisions in the 2017 Tax Cuts and Jobs Act (TCJA) will be either extended or made permanent. […]
Tax Year 2024 Key Amounts Standard Deduction – Married filing jointly — $29,200 – Single/Married filing separately — $14,600 – Head of household — $21,900 Additional for Elderly (over age 65) – Married filing jointly — $1,650 – Single — $1,950 Child Tax Credit – Credit — $2,000 – Maximum refundable — $1,700 […]
The IRS announced on August 9, 2024, that tax relief is available for individuals and businesses in specific counties in North Carolina, South Carolina, Georgia and Florida affected by Hurricane Debby. The IRS updates eligible disaster relief locations on its “Tax relief in disaster situations” web page. Full information about this IRS relief may be […]
There are two upcoming dates that will affect many QuickBooks Desktop users. One is imminent and may require immediate action for those that have not already begun the update process. The second must be addressed this summer. May 31, 2024 There are several versions of QuickBooks that will no longer be supported by Intuit after […]
In a previous edition of our newsletter, we introduced a new document delivery process called SafeSend Suite. SafeSend Suite is a high-end online experience that offers electronic tax organizers, e-signatures, as well as document and tax return delivery. As more and more of our client’s work-from-home and require remote services, we identified SafeSend Suite to […]