The new rules regarding Roth catch-up contributions, which were supposed to start in 2024 have been delayed until 2026. What is a catch-up contribution? Catch-up contributions are additional … [Read more...] about IRS delays implementing Roth Catch-up contributions until 2026
IRS
Update to the Employee Retention Credit
Employers Can't Rely on Supply Chain Disruptions to Claim Employee Retention Credit Background The employee retention credit is a refundable payroll tax credit designed to encourage employers to … [Read more...] about Update to the Employee Retention Credit
$175 Billion of Unreported Income Targeted by IRS Wealth Squad
Top 1% of wealthy taxpayers failed to report 20% of their income IRS Creates Wealth Squad IRS Commissioner Charles Rettig has requested that Congress increase the IRS's budget. Rettig has … [Read more...] about $175 Billion of Unreported Income Targeted by IRS Wealth Squad
Steps to Take Upon Receipt of an IRS Notice
If you receive a notice from the IRS, do NOT ignore it. Far too many taxpayers do not open IRS mailings thinking the worse Reasons IRS Sends Notices to Taxpayers The IRS mails letters or … [Read more...] about Steps to Take Upon Receipt of an IRS Notice
Do You Have a Business or a Hobby?
The IRS operates with a different set of rules when auditing a return to determine if the losses claimed on Schedule C are those of a business or a hobby. Intentions Matter A hobby is any … [Read more...] about Do You Have a Business or a Hobby?
Self-Employed Who Need Not Remit Estimated Taxes
Why a few self-employed or gig economy individuals need not pay estimated income taxes. General Rule Independent contractors, typically referred to as self-employed individuals or gig … [Read more...] about Self-Employed Who Need Not Remit Estimated Taxes
