The House of Representatives passed HR 5376, the Build Back Better Act, on Friday morning Nov 19, 2021, by 220-213 votes. The bill covers a wide range of budget and spending provisions and has been the focus of lengthy negotiations in recent weeks. The vote on the bill came after the Congressional Budget Office
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The Internal Revenue Service (IRS) recently said it is in the process of mailing 10,000 educational letters to taxpayers it suspects owe government taxes on virtual currency transactions. The federal agency may well have based its recipient list on customer data it acquired from crypto currency exchange Coin base. Those who do not report their
Tax treatment of Canadian investments in the US can be complex. It can even be difficult to find a tax advisor (U.S. Tax Compliance) who can offer full tax service for such investments. Failure to submit one or more of these forms can result in severe penalties. This article provides an overview of the most
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Employer Retention Credit (ERC): The employee retention credit (“ERC”) was introduced and enacted as part of the CARES Act to provide a refundable payroll credit for eligible employers, including nonprofit organizations, whose businesses have been negatively impacted by the pandemic. An employer qualifies for the ERC if it (1) fully or partially suspends its operations
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How long can the IRS collect back taxes? Generally, the Internal Revenue Service (IRS) has 10 years to collect unpaid tax debt. After that, the debt is erased from your books and canceled by the IRS. This is called the 10-year statute of limitations. It is not in the financial interest of the IRS to
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There have been big changes in the tax law. However, such changes need to be enacted by Congress to become law and therefore any provisions discussed could be revised or eliminated. The Country should be taking steps towards simplifying the tax law for the individual but also for corporations. It’s time for tax reform in
IRS Tax Fourth Stimulus Checks As the IRS sends out the last of the third round of stimulus checks and tops off payments for millions of other Americans, some lawmakers are already pushing for a fourth check. The third stimulus payments — worth up to $1,400 per individual and each of his or her dependents
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When are taxes due for businesses you have a full plate as a business owner especially during tax season? We have created a list to stay organized of essential 2021 to help business tax deadline dates. Your business taxes for the tax year of 2020 are likely due on 17, May 2021, and it’s depending
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The $1.9 trillion bill is the first major federal response to the COVID-19 pandemic in 2021, following closely behind the passage of the $900b COVID-19 relief bill in late December. Since the start of the pandemic a year ago, Congress has approved more than $5 trillion in stimulus and relief through a handful of bills.
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IRS Phone Numbers: At this time international revenue services (IRS) live phone number assistance is extremely limited. Call 800-919-9835 for economic impact payment questions. By calling 800-829-1040 contact an international revenue services (IRS) customer services representative to correct any agency errors. Monday to Friday, 7 a.m. to 7 p.m. customer services representatives are available. For
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