Generally, a 1099-MISC should be issued to any individual or entity paid $600 or more for non-employee compensation, rent, prizes, awards and other types of income. This includes payments to…
Category: Taxes
Common Extension Questions
What does filing an “extension” do? An extension is a form filed with the IRS to request additional time to file your federal tax return. The extension period is six…
Some Taxpayers Get Reprieve from Underpayment Penalty
Responding to concerns that individual taxpayers may have found it difficult to correctly estimate their 2018 tax liability because of the many changes enacted in the law known as the…
How the Government Shutdown Affects Taxes
The IRS is among the government agencies affected by the government shutdown. The Good News: The IRS has a contingency plan in place which addresses which services the agency will and will not…
Overview of the Tax Cuts and Jobs Act
Major tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or tax reform. For…
IRS Facts about Filing & Paying Late
April 15 is the tax day deadline for most people. If you’re due a refund there’s no penalty if you file a late tax return. But if you owe taxes…