by Demby Tax & Financial Services | Sep 30, 2021 | Tax Tips and News
Farmers and ranchers hard-hit by drought in parts of the U.S. have gotten a little help from the Internal Revenue Service. While the IRS couldn’t make it rain, it did give affected producers an additional year to replace livestock and defer tax from any forced sale of...
by Demby Tax & Financial Services | Sep 30, 2021 | Tax Tips and News
The Internal Revenue Service is instituting a user fee for estates seeking an estate tax closing letter. At the same time, however, the agency is reminding estates there’s another path that avoids the fee altogether. The new user fee—a $67 charge for providing a...
by Demby Tax & Financial Services | Aug 19, 2021 | Tax Tips and News
The tax industry partners who make up the Security Summit are urging practitioners to take a page out of the medical books in order to keep their computer systems healthy: to cure an infection, you first have to know your patient is sick. In other words, tax pros have...
by Demby Tax & Financial Services | Aug 18, 2021 | Tax Tips and News
The Internal Revenue Service says millions of families across the U.S. should see their advance payment of the Child Tax Credit (CTC) in their bank accounts or mailboxes any day now. This payment is the second in a series of advance monthly payments. The August...
by Demby Tax & Financial Services | Aug 14, 2021 | Tax Tips and News
New guidance from the Internal Revenue Service seeks to clear the air on the Work Opportunity Tax Credit (WOTC) for employers and gives relief to them as well. WOTC makes a federal income tax credit available to those employers who hire qualified workers from groups...
by Demby Tax & Financial Services | Aug 13, 2021 | Tax Tips and News
The Security Summit is this week broadening the scope of its 2021 “Protect Your Clients; Protect Yourself” campaign to include the different types of phishing scams that taxpayers may see in the coming months. This immediately follows the Summit highlighting recent...