tax return
Tax Relief for Victims of Hurricane Ian
Submitted by Desmond Wealth Management, Inc. on October 6th, 2022The Federal government provides special tax law provisions to help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area as they have for Hurricane Ian. The following highlights the special tax provisions:
Filing Due Dates Affected
You May Receive an IRS Form 1099-K This Year
Submitted by Desmond Wealth Management, Inc. on August 1st, 2022Effective for 2022 and later years, Congress reduced the threshold for the Form 1099-K filing requirement from $20,000 to a mere $600. So, you might ask, what does that have to do with me? This change can impact taxpayers in several ways, some unexpected, so you may find yourself in for a surprise that can be unpleasant in some situations.
Alert: A Massive New FinCEN Filing Requirement Is Coming
Submitted by Desmond Wealth Management, Inc. on June 27th, 2022You May Need to File Estimated Tax Payments
Submitted by Desmond Wealth Management, Inc. on May 15th, 2022Summer Employment for Your Child
Submitted by Desmond Wealth Management, Inc. on May 11th, 2022"Return Being Processed"
Submitted by Desmond Wealth Management, Inc. on March 4th, 2022“Return being processed” means the IRS received your tax return, but it could still be delayed.
Many taxpayers use the Where's My Refund tool and wonder what "Return being processed" means for them and their refund.
The answer: not much yet!
Another Challenging Tax Season for IRS and Taxpayers?
Submitted by Desmond Wealth Management, Inc. on January 31st, 2022This could be another challenging tax season for the IRS and taxpayers. Although this year’s filing season opens on January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the Service still has a backlog of prior year returns to process and is plagued by staff shortages due to the pandemic and reduced funding in the last few years.
Advance Child Tax Credit and EIP Must Be Reconciled on Your 2021 Return
Submitted by Desmond Wealth Management, Inc. on January 13th, 2022Early in 2021, Congress passed the American Rescue Plan Act which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Under ARPA, the maximum amount for the Child Tax Credit (CTC) was increased from $2,000 to $3,600 for each child 5 years old and under. For children ages 6 - 17, the maximum increased to $3,000.