The IRS announced on its website that it has suspended the mailing of automated collection notices, including balance due notices and unfiled tax return notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return.
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As we approach the end of 2021, it is important to take a closer look at your tax and financial plans. This year likely brought challenges and disruptions that significantly impacted your personal and financial situation including the continued global pandemic, remote and new hybrid work models, supply chain disruptions and rising inflation.
Now is the time to take a closer look at your current tax strategies to make sure they are still meaningful in today’s world and to take any last-minute steps that could save you tax dollars. While looming tax law changes have not been finalized, many tax planning opportunities still exist! Here are some issues to consider as we approach year-end. read more…
Often taxpayers will provide their tax preparer with most of their pertinent information needed to file tax returns. However, they sometimes forget to pass along notices from a tax authority, which could impact returns.
For instance, when the Ohio Department of Taxation identifies a perceived calculation error in an individual tax return, they issue a variance notice to the taxpayer. This notice compares the figures on the return as filed to the department’s recalculated figures and allows for the taxpayer to disagree with some or all of the adjustments by providing additional documentation.
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Over the past decade, more people have moved to electronic payments of their monthly bills and expenses.
The days of sitting down and writing checks to pay bills has quickly become a thing of the past. In fact, for many people under the age of 30, they do not know, nor have they ever had a physical checkbook!
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As the end of the year approaches, now is a great time for businesses to get a jump start on year-end payroll processing.
Even if you use an outsourced payroll provider, there are some things that you can do to make the year-end processing more efficient.
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According to Accounting Today, the Internal Revenue Service began sending out letters from its Automated Collection System function in June and restarted the income tax levy program in July.
Suspended last year, the IRS tax levy program includes both tax levy and treasury payments. read more…
Ohio Gov. Mike DeWine signed Senate Bill 18 into law, which ensures that expenses paid with forgiven Paycheck Protection Plan loans become deductible for state income tax purposes.
The legislation, which was supported by the Ohio Society of CPAs (OSCPA) will conform tax laws in the Buckeye State with recent changes to federal tax law, including deductibility of expenses from the Paycheck Protection Program and excluding $10,200 in unemployment compensation from income tax.
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Ohio Tax Commissioner Jeff McClain recently announced Ohio is following the federal government and Internal Revenue Service in extending the deadline to file and pay Ohio individual income and school district income taxes for tax year 2020.
The new deadline is May 17, an extension of approximately one month from the original deadline of April 15.
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The Treasury Department and Internal Revenue Service announced the federal income tax filing due date for individuals for the 2020 tax year has been pushed to May 17.
The IRS will be providing formal guidance in the coming days. However, individual taxpayers do not need to file any forms or call the IRS to qualify for the new federal tax filing and payment deadline.
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The American Institute of Certified Public Accountants recently asked Congress to extend the Paycheck Protection Program’s March 31 application deadline at least 60 days. Additionally, the AICPA also asked the IRS and the Department of the Treasury to extend the April 15 tax filing and payment deadline to June 15.
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There will soon be a big change for some taxpayers in how they send tax payments to the federal government or receive refunds. Executive Order 14247, Modernizing Payments to and from America’s Bank Account, is intended to modernize financial operations, reduce costs,...
Ohio employers and employees should prepare for an important payroll update this fall. Starting Oct. 1, the Ohio Department of Taxation will implement new state income tax withholding tables. The change was necessitated by the passage of House Bill 96, the state’s...
Artificial intelligence (AI) is not just for tech companies and research labs; it is quickly becoming part of everyday life. Today, many people are already using AI without even realizing it, and in the next few years, it will be as common as smartphones or Wi-Fi. Let...
Like many other industries, there is a shortage of talent entering the public accounting industry. To combat this issue, the Ohio Society of Certified Public Accountants (OSCPA) formed the Ohio Accounting Talent Coalition (OATC), whose mission is to create a thriving...
On March 25, President Donald Trump signed Executive Order 14247, Modernizing Payments to and from America’s Bank Account. The Executive Order is intended to modernize financial operations, reduce costs, minimize fraud and eliminate inefficiencies associated with...
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