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IRS Announces 401(k) Limit Increases to $20,500
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500,...
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Platinum Professional Services
- Nov 11, 2021
- 2 min
Tax Pros Should Renew PTINs Now for the Upcoming Filing Season
The IRS reminds all active federal tax return preparers they must renew their Preparer Tax Identification Numbers now for 2022. All...
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Platinum Professional Services
- Oct 19, 2021
- 1 min
Higher Education Tax Credits
Higher education tax credits reduce the amount of tax someone owes. If the credit reduces tax to less than zero, the taxpayer could even...
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Platinum Professional Services
- Oct 13, 2021
- 1 min
Educator Expenses That May be Tax Deductible
The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies, and...
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Platinum Professional Services
- Oct 12, 2021
- 2 min
Hobby Income
Many people are engaged in hobby activities that are also a source of income. For example, some people started selling handmade items...
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Platinum Professional Services
- Sep 11, 2021
- 1 min
Cost of Home Testing for COVID-19 is Eligible Medical Expense; Reimbursable Under FSAs, HSAs
The Internal Revenue Service reminds taxpayers that the cost of home testing for COVID-19 is an eligible medical expense that can be paid...
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Platinum Professional Services
- Sep 9, 2021
- 2 min
IRS Provides Relief for Certain Employers Claiming the Work Opportunity Tax Credit
The Internal Revenue Service announced it is providing transition relief to certain employers claiming the Work Opportunity Tax Credit...
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Platinum Professional Services
- Aug 29, 2021
- 4 min
Limiting Like-Kind Exchanges and What That Means for the Real Estate Market
Like-kind real estate exchanges, or 1031 exchanges, have been an integral part of real estate investment for many years, dating back to...
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Platinum Professional Services
- Aug 26, 2021
- 2 min
Retirement and taxes: Understanding IRAs
Individual Retirement Arrangements, or IRAs, provide tax incentives for people to make investments that can provide financial security...
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Platinum Professional Services
- Jul 28, 2021
- 2 min
Taxation of Hobby Activities
Many people are engaged in hobby activities that are also a source of income. For example, some people started selling handmade items...
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Platinum Professional Services
- Jul 15, 2021
- 2 min
IRS Announces Two new Online Tools to Help Families Manage Child Tax Credit Payments
The Internal Revenue Service launched two new online tools designed to help families manage and monitor the advance monthly payments of...
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Platinum Professional Services
- Jul 7, 2021
- 2 min
Facts to help taxpayers understand backup withholding
Backup withholding is a federal tax on income that otherwise typically doesn't require tax withholding, such as 1099 and W2-G income....
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Platinum Professional Services
- Jul 7, 2021
- 1 min
Homeownership and Taxes
Here are some key things homeowners should consider when selling a home: Ownership and Use To claim the exclusion, the taxpayer must meet...
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Platinum Professional Services
- Jul 1, 2021
- 2 min
Taxpayers may Receive a Refund for Taxes paid on 2020 Unemployment Compensation
The IRS is reviewing tax returns filed before the American Rescue Plan of 2021 became law in March to determine the correct taxable...
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Platinum Professional Services
- May 28, 2021
- 1 min
IRS, Treasury Announces Automatic Monthly Payment of the Refundable Child Tax Credit
The Internal Revenue Service and the U.S. Department of the Treasury announced that the first monthly payment of the expanded and...
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Platinum Professional Services
- May 20, 2021
- 2 min
2020 Tax Year - Emergency Student Aid
IRS explains student and higher education institution reporting requirements, credits and deductions The Internal Revenue Service issued...
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Platinum Professional Services
- May 20, 2021
- 1 min
Child Tax Credit - American Rescue Plan Act 2021
The American Rescue Plan Act, which President Biden signed into law last month, significantly expands the Child Tax Credit in hopes of...
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Platinum Professional Services
- May 20, 2021
- 2 min
Taxation of 2020 Unemployment Benefits - March 2021
A record number of Americans applied for unemployment compensation in 2020 due to the pandemic. Anyone who received unemployment benefits...
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