Business Strategy

  • Farmers and Fishers Face March 1 Tax Deadline

    Taxpayers with income from farming or fishing face a March 1 deadline for filing their income taxes. But the IRS reminds them they can avoid making any estimated tax payments by filing and paying their entire tax due on or before the deadline. The rule generally applies if farming or fishing income amounted to at…

  • Qualifying Low-Income California Residents to Get Additional Stimulus from State

    Unemployment claims may have fallen since the initial months of the pandemic, but millions of Americans continue to struggle with long-term joblessness and medical bills caused by the coronavirus. While a third round of federal Economic Impact Payments is expected this year, qualifying Californians will also receive a separate, state-issued payment: The Golden State Stimulus.…

  • Drake Software Earns Highest Ratings in Survey of New York CPAs

    The CPA Journal recently published the results of its “2020 Annual Survey of New York State Practitioners.” The survey asked more than 200 CPAs to answer questions about their practice, including how they would rate the tax preparation software and tax research software they used during the first filing season defined by the coronavirus pandemic.…

  • Internal Revenue Bulletin Update Provides Interest Rates, Other Guidance

    An upcoming issue of the IRS’ Internal Revenue Bulletin (IRB) gives tax professionals updated guidance on federal interest rates in a number of areas. IRB 2021-10 will come out in March and spotlights Revenue Ruling 2021-05 and Notice 2021-16. Revenue Ruling 2021-05 Revenue Ruling 2021-05 sets out the various prescribed rates for federal income tax…

  • Want Faster Filing and Rapid Refunds? Go Digital

    Filing season is finally here and for many tax professionals, the watchwords are speed and accuracy. The Internal Revenue Service says it can help with both. The IRS is urging tax pros—and taxpayers—to take the simple steps needed to help ensure their returns are accurate, to speed up refunds and so avoid a number of…

  • IRS Highlights Info About the Credit for Other Dependents

    Today marks the official start of filing season, meaning millions of taxpayers across the country are starting to gather tax-related documents ahead of a visit with their tax preparer. For their part, the Internal Revenue Service is hard at work providing helpful tips about necessary forms and tax credits. One of the latest IRS reminders…

  • IRS Unveils New Self-Employed Sick Leave and Family Leave Form

    Taxpayers may be aware that the Families First Coronavirus Response Act (FFCRA) includes a refundable tax credit for eligible employers who provide COVID-related sick and family leave. What some might not know is that this credit is also available for self-employed individuals, and a new form from the Internal Revenue Service makes claiming it straightforward.…

  • IRS Warns About Preparers Who Don’t Sign Their Works

    The Internal Revenue Service is reminding taxpayers that the best tax professionals are those who always sign the returns they’ve prepared. These so-called “ghost preparers” refuse to sign the returns they prepare—whether physically or digitally—getting the taxpayer to sign the return while the preparer remains anonymous. The IRS notes that, regardless of who prepares the…

  • More IRS Forms Go Digital for Contact-Free Signature Options

    The Internal Revenue Service is bringing more tax forms into the 21st century while keeping tax professionals and taxpayers alike safer from possible coronavirus transmission. A new online option from the IRS helps tax pros remotely get signatures from individual and business clients on authorization forms and to submit those forms electronically. It’s available through…

  • Identity Thieves Targeting Unemployment Benefits, Warns IRS

    The nation has been weathering nearly one million weekly initial unemployment claims since the beginning of the pandemic. For many qualifying Americans, unemployment insurance benefits are the only thing preventing food insecurity and homelessness while trying to find a new job. Unfortunately, some still have not received their benefits. The Internal Revenue Service warns that…