An obscure tax credit — generally referred to as the R&D (research and development) credit—was originally added to the tax code in 1981 as a two-year incentive for businesses and has been extended every year since, until it was recently made permanent.
Before the COVID-19 pandemic, the IRS was getting refunds out swiftly and responded to calls and correspondence in a reasonable amount of time.
Married taxpayers have two options when filing their 1040 or 1040-SR tax returns. The first and most frequently used filing status is married filing joint (MFJ), where the incomes and allowable expenses of both spouses are combined and reported on one tax return.
Cash flow has always been a challenge for restaurants, and before COVID-19 changed everything there were thousands of articles written about the importance of forecasting, streamlining overhead, and controlling inventory.
The normal April 15, 2021 filing deadline for 2020 individual tax returns was extended by the IRS to May 17, 2021 due to the continuing Covid-19 pandemic. If you could not complete your 2020 tax return by May 17 and are now on extension, that extension expires on October 15, 2021.
Though it’s natural for management to focus on its profit-making areas, the importance of a sound accounting foundation to support the operation cannot be overemphasized.
The IRS has long been a bogeyman for the American public, and there’s good reason for that.
IRS Identity Protection PIN (IP PIN) is a six-digit number assigned to eligible taxpayers to help prevent the misuse of their Social Security by ID thieves to file fraudulent federal income tax returns.
Do you own any of your employer’s company stock inside your employer’s 401(k), ESOP, profit sharing plan, or other retirement plan?