It’s been more than 100 years since the first Form 1040 was introduced. Fast forward to 2022 and this tax season is on track to be the worst ever. So, why is the agency so far off its game and what are the potential solutions?
For the first year, some S-corporation shareholders will be required to include Form 7203 with their individual or trust tax returns. With shareholder basis continuing to be a major IRS audit focus, shareholders need to make sure they are consistently tracking their basis on Form 7203 with all the required annual adjustments.
Buckle up. Filing your 2021 taxes might be a bumpy ride. That’s why we’ve compiled information and tips to help you navigate the journey and maintain your sanity through it all this year.
The IRS is sending taxpayers new letters about the 2021 Economic Impact Payments and Advanced Child Tax Credit payments. The letters contain information necessary for calculating your tax refund correctly.
Health savings accounts provide a triple-tax benefit but are heavily underutilized. Learn how to maximize HSA savings and use them in retirement in this timely article for open enrollment season.
The long-awaited 2021-2023 biennial North Carolina budget was passed by the General Assembly and signed by Governor Roy Cooper on November 18, 2021. Media outlets have focused on high-profile provisions, such as raises for teachers and other state employees. Other provisions - including historic tax cuts - immediately impact all North Carolina taxpayers.
On November 5, 2021, Congress passed a $550 billion Infrastructure Investment and Jobs Act. This bill is separate from the Build Back Better Act, which includes the highly discussed and more significant tax proposal changes. Read on for a summary of tax changes passed by the infrastructure bill and proposed changes from the Build Back Better Act.
Join PBMares on November 3 to discover the top 10 tax strategies businesses should consider before year-end, including traditional tax strategies, remaining COVID-19 incentives, and opportunities expiring at year-end.
Source: RSM US LLP. With the coronavirus pandemic consuming attention and companies focusing on implementing safety, readiness and response measures, a surge in potentially harmful phishing scams has emerged.
Source: RSM US LLP. With the coronavirus pandemic consuming attention and companies focusing on implementing safety, readiness and response measures, a surge in potentially harmful phishing scams has emerged.
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