At the start of the COVID-19 pandemic, the IRS was forced to close its doors. Since reopening, there has been an extensive backlog of tax returns that the organization couldn’t seem to catch up on. Many American taxpayers have been waiting for refunds that are a year or more behind. In recent weeks, Commissioner Charles […]
April 2022 Sees IRS Interest Rates Increase
As of April 1, 2022, the IRS raised its interest rates for the quarter. These changes apply to quarterly taxpayers, such as corporations and self-employed filers. The IRS announced the new rates as follows: How higher IRS interest rates affect your liability Liabilities accrue interest over time, so it’s likely that an outstanding balance will […]
New Consumer Warning Issued by the IRS Talks of Recent Surge in e-mail Schemes for 2016 Tax Season
Tax season is once again in full swing, and while that thought alone can be frightening to some, the renewed threat of scammers that are popping up recently is even more alarming. While tax schemes and phishing attempts have long been an unfortunate risk to citizens trying to do the right thing and stay on […]
House Approves Making Depreciation Tax Break Permanent – Bill Headed to Senate
The bonus depreciation tax break allows businesses to deduct up to 50% of the cost of capital purchases upfront, resulting in big tax savings for business owners. In May 2014, the Ways and Means Committee of the Republican-controlled House of Representatives voted 23-11 – along party lines – to renew and make permanent the tax break […]