Haven't Received Your Tax Refund Yet?
You are not alone. We have been hearing from clients who are still waiting on refunds from returns filed early in the year. In normal times, unless there is an error, the IRS will issue most refunds in less than 21 calendar days. However, 2021 is far from being a normal year for a number of reasons. COVID-19 – Unlike most other employers that had to deal with the COVID-19 outbreak, IRS employees could not work from home because the computer system can only be accessed from IR
2021 - the Year of Substantial Tax Breaks for Families with Children and Lower-Income Taxpayer
This is an overview of the several tax benefits that were included in the American Rescue Plan Act recently passed by Congress that will impact families with children and lower-income taxpayers during 2021. These include increased child care benefits plus an increased child tax credit, including advanced monthly payments for some. Child and Dependent Care Credit
The new law increases the amount of the credit and the percentage of employment-related expenses for qualifying ca
Recordkeeping Tips to Keep the IRS Away
With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most commonly encountered pitfalls. Here are some tips to help keep the proper records. Receipts – Even though the IRS does not require receipts for business meal expenses of less than $75, it is nevertheless wise to hang onto them. There is no better documentation than a credit ca
