RSS Feed Take a look at our recent blog posts and client newsletter articles. en-us Mon, 01 Feb 2021 09:00:00 -0600 Mon, 01 Feb 2021 09:00:00 -0600 What's New for 2020 Tax Returns Taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns this year. Mon, 01 Feb 2021 09:00:00 -0600 Taxable vs. Nontaxable Income Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick (and easy) answer is that all income is taxable unless the law specifically excludes it. Mon, 01 Feb 2021 09:00:00 -0600 Tax Filing Season Starts February 12 The IRS begins accepting and processing 2020 tax year returns on Friday, February 12, 2021. Mon, 01 Feb 2021 09:00:00 -0600 Social Security Benefits and Taxes: The Facts Generally, you pay federal income taxes on your Social Security income only if you have other substantial income in addition to your benefits. Mon, 01 Feb 2021 09:00:00 -0600 Employer Tax Credit Extended for Payroll Workers Extended through June 30, 2020, the Employee Retention Credit helps businesses keep their employees on the payroll - despite the challenges posed by COVID-19. Mon, 01 Feb 2021 09:00:00 -0600 The COVID-related Tax Relief Act of 2020 The Consolidated Appropriations Act, 2021, which was signed into law on December 27, 2020, contains a number of tax provisions - among them pandemic relief for businesses and individuals. Fri, 01 Jan 2021 09:00:00 -0600 Important Tax Changes for Individuals and Businesses Each year brings changes to current tax law, and this year is no different. From tax rate schedules to health savings accounts and adoption credits, here's what you need to know. Fri, 01 Jan 2021 09:00:00 -0600 Identity Protection PIN Available To All Taxpayers Starting in January 2021, the IRS Identity Protection PIN Opt-In Program will be expanded to include all taxpayers who can properly verify their identity. Fri, 01 Jan 2021 09:00:00 -0600 Credit Reports: What You Should Know Periodically reviewing your credit report is an effective way to prevent credit card fraud and could alert you to signs of identity theft. Fri, 01 Jan 2021 09:00:00 -0600 10 Surprising Facts About Online Sales Taxes sales tax, online, tips Thu, 13 Sep 2012 09:00:00 -0500 Back-to-School Tips for Students and Parents Paying College Expenses Whether you’re a recent high school graduate going to college for the first time or a returning student, it will soon be time to head to campus, and payment deadlines for tuition and other fees are not far behind. The IRS offers some tips about education tax benefits that can help offset some college costs for students and parents. Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return. Fri, 31 Aug 2012 09:00:00 -0500 Inaction in Congress could delay tax refunds Congress could delay billions of dollars in 2013 U.S. tax refunds, dealing a blow to the economy, if it waits too long after the November 6 elections to finalize tax law, a top tax oversight official said. Tue, 21 Aug 2012 09:00:00 -0500 How to Get a Transcript or Copy of a Prior Yearâ??s Tax Return from the IRS Taxpayers should keep copies of their tax returns, but if they cannot be located or have been destroyed during natural disasters or by fire, the IRS can help. Whether you need your prior yearâ??s tax return to apply for a loan or for legal reasons, you can obtain copies or transcripts from the IRS. Wed, 15 Aug 2012 09:00:00 -0500 Donâ??t Overlook the Benefits of Miscellaneous Deductions If you are able to itemize your deductions on your tax return instead of claiming the standard deduction, you may be able to claim certain miscellaneous deductions. A tax deduction reduces the amount of your taxable income and generally reduces the amount of taxes you may have to pay. Mon, 13 Aug 2012 09:00:00 -0500 Health Care Law\'s Tax Hikes Are Coming: Who Pays? Who gets thumped by higher taxes in President Barack Obama's health care law? The wealthiest 2 percent of Americans will take the biggest hit, starting next year. And the pain will be shared by some who aren't so well off â?? people swept up in a hodgepodge of smaller tax changes that will help finance health coverage for millions in need. Thu, 09 Aug 2012 09:00:00 -0500 Expanded Adoption Tax Credit Still Available for Extension Filers If you adopted a child last year and requested an extension of time to file your 2011 taxes, you may be able to claim the expanded adoption credit on your federal tax return. The Affordable Care Act temporarily increased the amount of the credit and made it refundable, which means it can increase the amount of your refund. Wed, 25 Jul 2012 09:00:00 -0500 IRS Staffing for Health Care Reform Called into Question The Internal Revenue Service needs to do a better job of estimating its staffing needs for implementing the Affordable Care Act, according to a new government report. Mon, 23 Jul 2012 09:00:00 -0500 Guidance on tax treatment of tips vs. service charges Tips included for both employee and employer taxes. This ruling provides guidance for employers and employees in a question and answer format regarding taxes imposed on tips under the Federal Insurance Contributions Act (FICA), including information on the difference between tips and service charges, the reporting of the employer share of FICA under section 3121(q) of the Code, and the section 45B credit. See related Announcement 2012-25, published elsewhere in this Bulletin. Rev. Rul. 95-7 modified and superseded. Thu, 05 Jul 2012 09:00:00 -0500 July Spotlight Employee: Adam Schweiss Adam was recently promoted to Manager from Senior Accountant. He comes to us from Rubin Brown, LLP, a large regional firm in St. Louis, where he developed a strong tax background. Adam continues to shine for Thurman, Shinn and Company where he specializes in financial reporting, individual and corporate taxes. Tue, 03 Jul 2012 09:00:00 -0500 FAQs explain employers' withholding obligations for post-2012 additional Medicare tax IRS has released new guidance, in question and answer (Q&A) format, on the 0.9% additional Medicare tax scheduled to go into effect in 2013. The Q&As are intended to assist employers and payroll service providers in adapting systems and processes that may be affected by the new tax. Tue, 03 Jul 2012 09:00:00 -0500