Posted by Kathy Dean-Bradley, CPA On May 17, the Internal Revenue Service and the Department of Treasury announced additional details and changes surrounding the Child Tax Credit (CTC) outlined in the American Rescue Plan. The full legislative text can be reviewed here: IR-2021-113. Our team has provided highlights of these updates and what you should consider below as letters from … Continued
Individual Tax Income
By Steve Ritchie, CPA Due to increased enforcement and related assessment of penalties for failing to timely and accurately file Forms 1099, we felt it was important to share the following requirement and due date information specifically associated with Forms 1099. Important Form 1099 Due Dates January 31, 2020 Form 1099-MISC information returns, used to report Nonemployee Compensation (NEC) … Continued
Posted by Amy L. Gordon, CPA The marriage tax penalty or benefit occurs from a change in a couple’s tax liability as a result of marriage and subsequently filing jointly. The marriage tax penalty results when the tax burden of a married couple filing jointly is greater than that of an unmarried couple filing separately. This penalty has impacted married … Continued
Did you file a timely income tax return and then realize you missed something or made a mistake?
The Delaware Division of Revenue has issued an alert regarding a new taxpayer scam designed to trick taxpayers into thinking they have received official communication from the Division of Revenue.
Tax planning is a year-round effort, but as the end of the year approaches and your income and deductions become more evident, it is a good time to take a final look at where you stand and what you can do to minimize your 2018 tax liability.
Under the newly enacted Tax Cuts and Jobs Act, the corporate tax rate decreased from a maximum of 35 percent to a flat 21 percent rate beginning in 2018.
The Tax Cuts and Jobs Act lowered the corporate income tax from a maximum rate of 35% to a flat rate of 21% beginning in 2018.
The recent changes to the tax code resulting from the Tax Cuts and Jobs Act uniquely effects each individual filing an income tax return.
The Tax Cuts and Jobs Act changed and suspended many deductions that taxpayers could take on their individual tax returns.