The IRS May be Getting a Massive Budget Increase. Will It Impact the Audit Rate? – C&A Financial Services
In September of 2021, the Congressional Budget Office announced a proposal to increase funding for the Internal Revenue Service by as much as $80 billion over the next ten years. The argument is that doing so would ultimately increase the revenue the organization is able...
January 2022 Business Tax Related Due Dates – C&A Financial Services
January 3 - Payment of Employer Share of Social Security Tax from 2020 - If you are an employer that deferred paying the employer share of social security tax or the railroad retirement tax equivalent in 2020, pay 50% of the deferred amount of the employer...
Watch Out for Tax Penalties
Article Highlights: Underpayment of Estimated Tax and Withholding Penalty Required Minimum Distribution Penalty Late-Filing Penalty Late-Payment Penalty Negligence Penalty Fraud Penalty Dishonored Check Penalty Missing ID Number Penalty Early Withdrawal Penalty Penalty for Failure to Report Tips Foreign Reporting Excessive Claim Penalty Accuracy-Related Penalty for...
Important Tax Tips for Holiday Charity Donations
During the holidays, many charities solicit gifts of money or property. This article includes tips for documenting your charitable gifts so that you can claim a deduction on your tax return. Cash Donations – To claim a charitable deduction, you normally must itemize your deductions. However,...