How Is Tax Filing Season Going?
The IRS has already processed 62 million tax returns and refunded more than $135 billion this tax season. These early-bird taxpayers have received an average tax refund of $3,145, which is 5.8% higher than the same period a year ago. “The bigger average refund marks a reversal from the dip that the typical taxpayer experienced […]
Beneficial Ownership and the CTA in the Latest Tax Notes
We love participating in Tax Notes! Lee A. Sheppard always has an entertaining spin on the latest tax issues, and the most recent one citing Steven Bankler’s thoughts on beneficial ownership and the Corporate Transparency Act (CTA) is no exception. As Sheppard explains, “Three years ago, Congress decided to throw out all the furniture of […]
IRS Expands Access to Business Tax Accounts
IRS business tax accounts are now available to individual partners of partnerships and individual shareholders of S corporations, a privilege that was previously available only to sole proprietors. The IRS counts the move as part of its “continuing transformation work,” expanding its business tax account capabilities and eligible entity types in its second phase of […]
Staffing Strains and the Work Opportunity Tax Credit
While the employee retention credit (ERC) is no more, there’s still a significant tax credit on your side when hiring great workers from demographics that have historically faced significant barriers to employment: the federal Work Opportunity Tax Credit (WOTC). Staffing shortages over the past few years may have you thinking outside the box. In today’s […]