Student loan debt is still on the rise and new developments regarding repayment and forgiveness have unfolded recently. President Biden will announce his plan for student loan forgiveness and repayment by the end of August 2022. Student Loan Payment Pause Loan […]
New IRS Voice Bot Options Shortens Wait Time
Many taxpayers are hesitant about calling the IRS for several reasons, including the long wait time to speak with a representative. A phone call could take hours that you may not have to spare in your day to get answers to simple […]
IRS Unclaimed Tax Refunds
There were about 1.5 million taxpayers that didn’t file a return in 2018. The IRS announced that it has $1.5 billion in tax refunds from 2018 and gave taxpayers until the end of the season to claim their money. If you missed […]
President Biden’s Billionaire Income Tax Proposal
President Joe Biden has discussed a proposal that would target billionaires in his 2023 budget. The proposal calls for a new minimum tax, forwardly named the “Billionaire Minimum Income Tax.” What exactly is the Billionaire Minimum Income Tax? This tax would assess […]
IRS Sends Large Tax Bills for 2021 Unemployment Benefits
Due to the COVID-19 pandemic, millions of US workers lost their jobs. While some were able to return to work in 2021, approximately 25 million people received unemployment benefits and didn’t withhold taxes. The IRS is now looking to collect back taxes […]
Gas Stimulus: What You Need to Know
The inflation is directly affecting drivers and daily commuters alike with skyrocketing gas prices. In California, the average cost for regular gas is now up to $5.82, or $6.21 for premium. Recently, the government has decided to step in on federal and […]
IRS Backlog to Clear Up by End of 2022
At the start of the COVID-19 pandemic, the IRS was forced to close its doors. Since reopening, there has been an extensive backlog of tax returns that the organization couldn’t seem to catch up on. Many American taxpayers have been waiting for […]
April 2022 Sees IRS Interest Rates Increase
As of April 1, 2022, the IRS raised its interest rates for the quarter. These changes apply to quarterly taxpayers, such as corporations and self-employed filers. The IRS announced the new rates as follows: How higher IRS interest rates affect your liability […]
New Consumer Warning Issued by the IRS Talks of Recent Surge in e-mail Schemes for 2016 Tax Season
Tax season is once again in full swing, and while that thought alone can be frightening to some, the renewed threat of scammers that are popping up recently is even more alarming. While tax schemes and phishing attempts have long been an […]
House Approves Making Depreciation Tax Break Permanent – Bill Headed to Senate
The bonus depreciation tax break allows businesses to deduct up to 50% of the cost of capital purchases upfront, resulting in big tax savings for business owners. In May 2014, the Ways and Means Committee of the Republican-controlled House of Representatives voted 23-11 […]