by Leif Jensen | Dec 13, 2022 | Taxes |
The IRS has a Free File program which began in the mid-1980s, it lets individual taxpayers with adjusted gross incomes of $73,000 or less use free commercial tax software to prepare and e-file their returns. No state returns. Its usage is anemic. Only about 3% of...
by Leif Jensen | Dec 12, 2022 | Taxes |
Filers who report health premium credits are juicy audit targets. I have a client who graduated college and started his career, his return was audited because he got insurance coverage under his parent’s exchange policy. But he had no premium coverage listed on his...
by Leif Jensen | Dec 7, 2022 | Rant |
Surprise (again)! The IRS still has a large batch of unprocessed Forms 941-X; approximately 199,000 of them as of Sept. 21. I assisted with increasing the pile by the addition of two more earlier in October. Many of these quarterly payroll tax returns were filed by...
by Leif Jensen | Dec 6, 2022 | Running a Business |
The IRS has simplified per diems for lodging, meals and incidentals for 2023. Employees can get up to $297 tax-free daily in high-tax areas; $204 in other locales. Firms using this method can apply the new rates on Oct. 1 or wait until Jan. 1, 2023. For meals and...
by Leif Jensen | Dec 5, 2022 | Running a Business |
Surprise! A shareholder can’t deduct a payment made on behalf of an S corporation, according to the Tax Court. Two individuals, who owned all the stock in an S corporation, personally paid the company’s utility bill and property taxes and deducted the amounts on their...
