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COVID tax relief: IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers
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COVID tax relief: IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers

Coronavirus, Penalties and Interest

COVID tax relief: IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers

By Lauryn Charles|2022-08-26T14:27:53-04:00August 26th, 2022|Coronavirus, Penalties and Interest|

Source: IRS.gov IR-2022-155, August 24, 2022 WASHINGTON — To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service today issued Notice 2022-36PDF, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late. The IRS is also taking an additional step to [...]

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College students should study up on these two tax credits

By Lauryn Charles|2022-08-11T12:06:36-04:00August 11th, 2022|Individual Income Tax, Students and Education|

Source: IRS.gov Issue Number: Tax Tip 2022-123 College students should study up on these two tax credits Anyone pursuing higher education, including specialized job training and grad school, knows it can be pricey. Eligible taxpayers who paid higher education costs for themselves, their spouse or dependents in 2021 may be able [...]

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Florida Sales Tax Holiday Ends Soon & Don’t Forget to Write-Off Classroom Supplies

By Lauryn Charles|2022-08-03T12:38:46-04:00August 3rd, 2022|News Articles, Parents and Children, Sales and Use Tax, Students and Education|

For Florida Parents & Teachers: For Teachers: Source: IRS.Gov Issue Number: Tax Tip 2022-118 From markers to face masks, classroom supplies may be tax deductible Teachers go above and beyond for their students, often buying classroom supplies needed to make learning successful. The educator expense deduction allows eligible teachers and administrators [...]

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Money received through ‘crowdfunding’ may be taxable… Gifts vs. Income?

By Lauryn Charles|2022-03-22T08:41:50-04:00March 24th, 2022|Individual Income Tax|

Source: IRS.gov Issue Number: FS-2022-20 Inside This Issue Money received through ‘crowdfunding’ may be taxable; taxpayers should understand their obligations and the benefits of good recordkeeping Understanding Crowdfunding Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people. The contributions may be solicited [...]

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Tax Reporting for Virtual Currency
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Tax Reporting for Virtual Currency

Individual Income Tax

Tax Reporting for Virtual Currency

By Lauryn Charles|2022-03-22T08:28:39-04:00March 22nd, 2022|Individual Income Tax|

Confused about your gains and losses from Virtual Currency transactions? We can help! The IRS recently published an article reminding taxpayers about reporting your crypto transactions on your tax return. Source: IRS.gov Issue Number: IR-2022-61 IRS reminds taxpayers they must check a box on Form 1040, 1040-SR or 1040-NR on [...]

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IRS to Suspend Mailing Additional Letters

By Lauryn Charles|2022-02-09T19:16:28-05:00February 9th, 2022|Individual Income Tax, News Articles|

IRS.gov Issue Number: IR-2022-31 IRS continues work to help taxpayers; suspends mailing of additional letters WASHINGTON – As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters, including the mailing of automated collection notices [...]

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2022 Tax Filing Opens Monday!
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2022 Tax Filing Opens Monday!

Individual Income Tax

2022 Tax Filing Opens Monday!

By Lauryn Charles|2023-01-23T03:50:09-05:00January 20th, 2022|Individual Income Tax|

Issue Number: IR-2022-08 Inside This Issue 2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline WASHINGTON − The Internal Revenue Service announced that the nation's tax season will start on Monday, Jan. 24, 2022, when the tax agency [...]

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Employers: W-2, 1099 Filing Deadline Approaching

By Lauryn Charles|2022-01-19T12:24:06-05:00January 19th, 2022|Employers|

IRS.gov Issue Number: IR-2022-15 January 31 wage statement deadline reminder for employers WASHINGTON - The Internal Revenue Service today urged employers to be aware of the January deadline to file Forms W-2 and other wage statements. Filing these documents timely helps employers avoid penalties and helps the IRS in fraud prevention. [...]

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Final 2021 Quarterly Tax Payments due January 18th

By Lauryn Charles|2022-01-12T15:50:10-05:00January 12th, 2022|Individual Income Tax, Tax Payments|

Issue Number: IR-2022-03 Inside This Issue IRS reminder to many: Make final 2021 quarterly tax payment by Jan. 18; avoid surprise tax bill, possible penalty WASHINGTON − The IRS urges taxpayers to check into their options to avoid being subject to estimated tax penalties, which apply when someone underpays their [...]

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2021 TAX CHECKLISTS AVAILABLE NOW!

By Lauryn Charles|2022-01-09T15:37:53-05:00January 7th, 2022|AFSG|

The 2021 tax filing season is underway. Every year, AFSG provides you with detailed checklists to help you stay organized and up to date on the current tax laws. Below are links to our 2021 checklists, worksheets, and virtual appointment options. The impact of COVID-19 on our lives, economy, laws, [...]

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