News, Tax & Accounting Resources
American Rescue Plan Act May Impact Your Child Tax Credit
The American Rescue Plan Act of 2021 modifies several tax provisions, including a third round of direct stimulus payments, enhancements of many personal credits meant to benefit people with lower incomes and children, extensions of highly popular payroll tax credits...
Get Your Child Tax Credit Payments NOW!
The first advance payment from the newly expanded child tax credit was sent out in July by the IRS. Payments are scheduled to be made on the 15th of each month through December. By this week you should have received three payments, one in July, one in August, and one...
Here’s what taxpayers need to know about paying taxes on their hobbies
Do you have a hobby? Did it unexpectedly turn into a source of income? The IRS recently sent out a tax tip letting taxpayers know that money made is money to be reported for tax purposes. Here is the IRS tax tip: “Many people are engaged in hobby activities that are...
Building a Fortress Balance Sheet
The best way to weather a storm is often by being prepared before the storm hits. In the case of small businesses, this means building a fortress balance sheet. What is a fortress balance sheet? This long-standing idea means taking steps to make your balance sheet...
Helping People: IRS Taxpayer Relief Initiatives
The IRS is highlighting reasonable cause assistance available through IRS procedures for failure to file, failure to pay and failure to deposit penalties. First time abatement relief is also available for the first time a taxpayer is subject to one or more of these...
