Are you still waiting for your income tax refund? If so, get comfortable, because refunds in 2021 are significantly delayed across the board. Millions of Americans have been waiting weeks—or months—to see their refunds come in. The delays are particularly bad for people who claim someone under the age of 18 on their returns, as…
IRS
Tax Deadline is Now May 17th
If you were worried about filing your taxes on time this year, feel free to breathe a sigh of relief. The IRS announced an extension of the deadline for 2020 tax returns from April 15th to Monday, May 17th. But if you need more time to organize your documents, you can still get an extension,…
2021 Tax Strategies: Part 2
As you file your 2020 taxes, you will find that COVID-19 has had some major impacts on the process, as it has on most things over the past year. In fact, the IRS has delayed the start and deadline of tax filing season this year. There are multiple considerations for businesses and individuals alike for…
2021 Tax Strategies: Part 1
The reverberations of the COVID-19 pandemic continue to be felt in most areas of life. These impacts will certainly influence how you file your 2021 taxes. Whether you’re a business owner trying to maximize the credits you receive for keeping employees on the payroll or an individual wondering how working from home over the past…
Expanded Retirement Option
Effective January 1, 2020, a new law went into place called the SECURE Act (signed on December 20th, 2019). The SECURE Act made many changes to our current retirement laws. Here are some highlights: Under old law, you could not make contributions to a Traditional IRA once you turned 70 ½. Under new law, you…
Top Ways to Defend Against an Audit
Everyone should have a proactive audit defense strategy. Whether you are a business or an individual, you can ensure you have the proper documentation for all of your financial arrangements and transactions. With the right documentation, your certified public accountant (CPA) will have the information necessary to defend you in the event the IRS decides…
Does No 1099 Mean No Deduction for You?
It’s a common scenario: You neglected to issue a Form 1099 to your business’ contractors. As a result, you are now being audited. During the process, the IRS auditor tells you that you can no longer claim your deductions, because you failed to issue the Form 1099s. What should you do? Here are the answers…
What Are Your Odds of Getting Audited?
The words “IRS audit” are enough to strike fear into countless U.S. taxpayers across the country. After all, the IRS has the power to put people in jail, issue fines, and initiate asset seizures. However, as long as you’re reporting your income correctly and not inappropriately taking deductions, an audit really is no big deal—especially…
How Tax Laws Are Changing in 2019
The Tax Cuts and Jobs Act of 2017 was signed into law a year and a half ago, but not all of its provisions took effect right away. In fact, many of the law’s sweeping changes will first become part of your life this year. If you’re wondering how the law will affect you, you…
Where’s My Refund?
If you haven’t yet received your income tax refund, you are not alone. The team at The Royce CPA Firm has all the information you need to help you track it down. Read through this post, and if you have any questions regarding your tax refund, or anything else tax related, feel free to give…
TCJA Tax Reform: Did It Affect Employee Recreation and Parties?
Employee outings and parties are commonly used to build a positive company culture and reduce employee turnover rates. They’re also opportunities for the boss to get a break from the daily grind, and for a CPA to claim additional deductions for the business. The tax savings for employee outings has indeed survived the Tax Cuts…
When Can You Shred Your Personal Tax Documents?
Springtime isn’t just tax time—for many people, it’s also time to do spring cleaning. If you’re looking to clean out your files and get a fresh start, you may be wondering if it’s OK to shred your old tax documents. How long do you have to hold on to your past tax returns and your…
IRS Creates a New “Safe Harbor” for Section 199A Rental Properties
Under the new tax reform, Section 199A has been established to provide qualifying individual taxpayers and pass-through entities with a tax deduction of up to 20 percent of qualified business income (QBI). Section 199A also creates a “safe harbor” for owners of rental properties. If the filer qualifies for the safe harbor, the filer’s rental…
IRS Issues Final Section 199A Regulations and Defines QBI
The new IRS tax code Section 199A may affect you if you own a pass-through trade or business, including a proprietorship, partnership, or S corporation. It implements the new qualified business income (QBI) deduction, which may enable you to deduct up to 20 percent. QBI and Eligibility Essentially, qualified business income is taxable net income….
IRS Announces It Will Waive Tax Penalties for People Who Under-Withheld for 2018
When the Tax Cuts and Jobs Act of 2017 passed, it made a number of changes to the current tax laws. As many taxpayers discovered, this included changes to the current withholding tables for federal income tax, As a result, many people found that they had under-withheld for their taxes this past year. If you…
What You Need to Know about Section 199A
One of the most notable tax deductions introduced by the Tax Cuts and Jobs Act of 2017 is the 20 percent deduction included in Section 199A. Although the IRS has already released its official regulations, the complexity of the tax deduction means that many people are still confused about what it means. Here are the…