Have you ever wondered what happens if someone never files a tax return?  The IRS has the ability to create a return on your behalf called a Substitute for Return or SFR. Generally, unless you are self-employed, it’s easy for the IRS to create a return for you.  Employers file Form W-2, which reports your […]

With all the legislative changes related to retirement distributions over the last couple of years, it’s important to have a clear understanding of what to expect for the current year.  In particular, it’s critical to know what to expect with Required Minimum Distributions (RMDs) for tax year 2021.  RMDs are required distributions investors over a […]

When President Biden signed the American Rescue Plan Act of 2021 in the spring, two refundable payroll tax credits were extended and expanded: the Families First Coronavirus Response Act (FFCRA) and the COBRA Premium Assistance Credit. In 2020, the FFCRA was mandated for all employers with less than 500 employees to provide paid family and […]

In early August of this year, the IRS released additional guidance on the Employee Retention Credit.  For 2021, the credit was expanded to allow businesses to receive a credit of up to $7,000 per employee per quarter if their operations were fully or partially shut down by government order or if they had a significant […]

Investing has become much more accessible since Robinhood became a thing.  But do you know what a wash sale is and how it will impact your tax return? You have a stock, it dips, and you sell it thinking “Hey, I can use this loss on my tax return AND buy XYZ back at a […]