Category Archives: Federal & State Tax Resolution Law

401(k) and IRA Limits Raised by the IRS

The Internal Revenue Service recently announced increases to the amount that individuals can contribute to their 401(K) and IRAs. For individuals who participate in 401(k), 403(b), most 457 plan or the federal government’s Thrift Savings Plan the contribution limit has increased to $22,500 (up from $20,500). For individuals with IRAs the limit on annual contributions […]

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IRS Warns of Increase in Text Scams

The Internal Revenue Service announced today that the agency is seeing a tremendous increase in text message-based scams aimed at taxpayers.  IRS Commissioner Chuck Rettig referred to this increase as “phishing on an industrial scale” and warned that thousands of taxpayers may be at risk of receiving these scam messages.

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IRS Announces Penalty Relief

The Internal Revenue Service announced that taxpayers affected by COVID-19 will receive relief from penalties for late filing of 2019 and 2020 tax returns.  The relief from late filing penalties is expected to apply to most individuals and businesses who filed late returns. The IRS isn’t forgetting about those who have already been assessed a […]

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Superstorm Sandy Tax Exemption

NYS has recently enacted legislation that extends the deadline to apply for a tax exemption for renovations or reconstruction of residential properties effected by Superstorm Sandy. The deadline was extended by two years to March 1, 20024.

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Are More IRS Audit On The Way?

The Internal Revenue Service recently announced that it is in the process of hiring 470 new Revenue Agents. These newly hired Revenue Agents will specialize in performing individual and business tax return audits and will be assigned to the agency’s Small Business Self Employed (SB/SE) division.  Here the Revenue Agents will use their knowledge of […]

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The IRS is Hiring!

The IRS is looking to increase its’ workforce in 2022 and has announced that it is looking to hire over 4,000 new contact representatives!

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IRS Interest Rates Increased

The Internal Revenue Service recently announced the increase in interest rates for the coming third quarter or 2022 which begins on July 1, 2022. Whether you owe taxes or made an overpayment will determine if this is welcome news or not.

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Work Opportunity Tax Credit

Owning and operating a small business has never been easy.  Recently between COVID, supply chain issues, rapidly increasing costs and labor shortages the challenges small business owners face are more daunting than ever. But there is always hope and opportunity, sometimes from the most unlikely of sources, like the IRS and the Work Opportunity Tax […]

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Venmo? Paypal? Cash App?

Do you have a business? Provide services and accept payment via a peer-to-peer or electronic service such as Venmo, Paypal or Cash App?  If so you should be aware of changes to the IRS third-party reporting requirements in an effort to stem underreporting of income.

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Common Myths About Tax Refunds

With the April 18th tax filing deadline fast approaching (yes…it’s the 18th this year) many taxpayers are still scrambling to get their returns completed and filed. However, many more have already filed their returns and are awaiting refunds.  The IRS is reporting that for 2021 returns they are processing and delivering refunds in less than […]

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