The IRS is reporting that it is resuming “certain collection and enforcement processes that had been suspended because of the coronavirus pandemic.” On June 15, 2021, this process kicked off as the IRS started contacting taxpayers who have not responded to prior balance due notices. Since April 2020, the IRS halted its systemic and automated […]
If there’s anything we all learned from 2020, it’s that things can change in a heartbeat and that the unexpected can create real havoc. Though there’s nothing you can do to stop fate’s freight trains from barreling down the tracks, there are steps you can take to minimize the stress you feel in its aftermath. […]
Hello Vital Life Board and Ambassador Board Members, Yesterday I had the opportunity to be a part of a KOIN TV interview congratulating two of our charitable partners, Friends of the Children and Meals on Wheels People for going above and beyond during the pandemic. We would love it if more of our VLF […]
Owning your own small business is a dream that few are fortunate enough to realize, but even those new to the joys of entrepreneurial self-determination need to spend time thinking about how you’re going to eventually leave the business. No matter how far off it may seem, the best way to ensure that your time […]
Article Highlights Slow Refunds COVID-19 Economic Impact Payments Recovery Rebates Unemployment Debacle Using 2019 Income to Compute 2020 EITC and Additional Child Tax Credit Other Issues Where’s My Refund Tool IRS May Pay Interest on Late Refunds You are not alone. We have been hearing from clients who are still waiting on refunds from returns […]
Article Highlights: If You Don’t Rent Your Property If You Rent Your Property Rented Fewer Than 15 Days Personal Use Is Less Than the Greater of 15 Days or 10% of the Rental Days Personal Use Exceeds the Greater of 14 Days or 10% of the Rental Days If You Sell Your Vacation Home If […]
Article Highlights: Filing Status Claiming the Children as Dependents Child Exemption Head-of-Household Filing Status Tuition Tax Credit Child Care Tax Credit Child Tax Credit Earned Income Tax Credit Alimony If you are recently divorced or are contemplating divorce, you will have to deal with or plan for significant tax issues such as asset division, alimony, […]
Article Highlights: Tax Recordkeeping Tips Receipts Auto Deductions Gifts Business Equipment Ordinary and Necessary Meals & Lodging Entertainment Home Office With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most […]
Tax Planning to Help New Franchisees investment can be a wonderful opportunity, but it also involves a completely unfamiliar set of rules when it comes to your taxes. Whether you are considering becoming a franchisee or are already involved, it’s important that you have the support of a knowledgeable tax planner to help ensure you […]
June 1 – Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2020. The FMV of an IRA on the last day of the prior year (Dec […]