How Much Does the IRS Charge for Paying Taxes Late?
Any tax owed on an individual tax return is generally due by April 15th even if an extension is filed. Failure to make that payment results in penalties and interest.…
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Advance Child Tax Credit Payments: Why You Might Want to Unenroll from Payments
After more than a year of stimulus payments, it is tempting to lump the new advance Child Tax Credit payments into the same category. But unlike the economic impact payments,…
What You Need to Know About the May 17th Tax Deadline Extension
On March 17th the IRS extended the filing deadline for individual tax returns for the 2020 tax year from April 15 to May 17. Since then, the IRS has issued…
The American Rescue Plan Economic Impact “Stimulus” Payments
One of the highlights of the American Rescue Plan Act is another round of Economic Impact Payments (EIPs), also known as “stimulus checks”. Here is what you need to know…
The American Rescue Plan Act of 2021 Highlights
President Biden signed into law yesterday (Thursday March 11, 2021) the American Rescue Plan Act of 2021. This is the third major piece of tax legislation in the past twelve…
What Business Owners Need to Know About 1099’s
An important aspect of tax compliance for business owners is the requirement to file a 1099 for certain payments made during the normal course of business. If you are a business owner,…