Entries by admin

Free IRS webinar shares latest details on the Employee Retention Credit including options for withdrawing or correcting previously filed claims amid aggressive marketing

November 1, 2023 in /by

Free IRS webinar shares latest details on the Employee Retention Credit including options for withdrawing or correcting previously filed claims amid aggressive marketing IR-2023-201, Oct. 31, 2023 WASHINGTON — The Internal Revenue Service will present a free webinar, Thursday, Nov. 2, at 2 p.m. ET, to update employers and tax professionals on the most recent […]

Security Summit: Identity Protection PINs are an important tool against tax-related identity theft

July 25, 2023 in /by

Security Summit: Identity Protection PINs are an important tool against tax-related identity theft IR-2023-134, July 15, 2023 WASHINGTON — In the second installment in a special summer series, the Security Summit partners today reminded tax professionals and taxpayers about the IRS Identity Protection PIN Opt-In Program to help protect people against tax-related identity theft.

IRS offers tips on preparedness and how to protect personal information during natural disasters

May 10, 2023 in /by

IRS offers tips on preparedness and how to protect personal information during natural disasters IR-2023-100, May 10, 2023 WASHINGTON — In recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the Internal Revenue Service is reminding taxpayers to protect important tax and financial information as part of a complete emergency preparedness plan.

Qualified Clean Vehicle Credit

February 24, 2023 in /by

There has been some confusion regarding this credit and specifically Tesla, Inc. As of now the information that the IRS has published regarding tax year 2022 purchases is that these have been phased out of the credit. This manufacturer has sold more than 200,000 vehicles and as of 2020 the credit available is zero. We […]

IRS issues guidance on state tax payments to help taxpayers

February 14, 2023 in /by

IRS issues guidance on state tax payments to help taxpayers WASHINGTON – The Internal Revenue Service provided details today clarifying the federal tax status involving special payments made by 21 states in 2022. The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many states will not need […]

IRS Business Rule F8962-070

February 2, 2023 in /by

IRS Business Rule F8962-070  IRS Description  “The e-File database indicates that Form 8962 or a binary attachment with description containing “ACA Explanation” must be present in the return.”  This E-File reject is triggered if the IRS has information that indicates that either you, your spouse or one of your dependents has received health insurance from […]

California Middle Class Tax Refund

February 1, 2023 in /by

California’s MCTR has raised a lot of questions in the tax industry. At this point I don’t think anyone has a definitive answer and honestly, I see valid arguments on both sides of the ultimate question of whether it is taxable. One take away I did have from this topic is that this is another […]

Basic 8915-F Instructions for 2021

February 15, 2022 in /by

Basic 8915-F Instructions for reporting 1/3 of the 2020 Gross Distribution in 2021.  Typical scenario:  In 2020 the Taxpayer took a distribution of 60,000 from a Non IRA retirement account and he also took a 30,000 distribution from an IRA. For 2020 form 8915-E was filed and 1/3 of these distributions were included in the […]