Taxes and Tax Relief
IRS Error Sends Millions of Stimulus Payments to the Wrong Bank Accounts
If you use a tax preparer service like TurboTax, Jackson Hewitt, or H&R Block, there’s a good chance the IRS sent your second round stimulus payment to the wrong bank account last week. The IRS is rushing to fix the error, while millions of taxpayers wait for their $600 checks. TurboTax announced on Friday that […]
The IRS Still Has 1 Million Unprocessed 2019 Tax Returns. You Can Use the Delay to Your Advantage.
If the COVID-19 pandemic has you falling behind in your work, you’re not alone. Turns out, even the IRS has trouble working from home. The IRS still has roughly 1 million unprocessed tax returns from 2019, and 3 million pieces of unopened mail. The immense backlog built up during the IRS’s transition to remote work […]
Everything you need to know about the new IRS Form W-4
In 2020, the IRS decided to make major changes to its Form W-4, the form employers use to calculate their employees’ tax withholdings. But don’t let these changes overwhelm you. Here’s what you need to know about the overhauled W-4: New W-4: No More Withholding Allowances The IRS has decided to eliminate withholding allowances from […]
IRS Offers Taxpayers Necessary Relief in Response to COVID-19. Here’s How You Can Benefit.
Update 12/2 The IRS has made several additions to the Taxpayer Relief Initiative since the original publishing of this article, giving you even more flexibility as you head into the new year. Here’s what you need to know: Individual taxpayers owing up to $250,000 for tax year 2019 only can now set up your installment agreement with no […]
5 Steps to Take Before Jan 1 to Save On Your Taxes
The tax rates are going down next year, so a deduction now is worth a lot more than it will be in 2018. On top of that, several popular deductions are disappearing next year or getting substantially limited. But if you act now, you can get the tax savings you had hoped to take in 2018 for your 2017 return. […]
IRS Statute of Limitations: How Far Back Can The IRS Audit You?
You have received an IRS audit letter via certified mail. You’ve never been audited before. And, you are worried about what this means for you or your business. After the initial shock wears off, you will no doubt start thinking about what an IRS audit actually is. No doubt you grabbed your smartphone or laptop […]
IRS Collections and the COVID-19 Pandemic
Like most people, the team at Boxelder Consulting is still coming to grips with the jolting shift in reality we’ve all experienced in just three or four short weeks. The COVID-19 public health crisis has hit us all hard, and the resulting economic fallout could take months, if not years, to recover from. As the number […]
4 Factors That Can Cause Tax Refund Delays
The arrival of tax season has brought about one of the chief concerns of the year for most people throughout the country: tax refund checks. For many Americans, tax refund money is one of the most significant sources of additional income during a given year. The majority of tax refund checks are between $2,000 to […]
The Crypto-Currency Act of 2020 in Congress Sets More Clear Bounds for Crypto-Property
The federal regulation of cryptocurrency and other crypto-assets is an issue of major significance. Slowly but surely, the federal government and its many agencies have taken note of the growth of cryptocurrency and have attempted to exercise control and authority. We’ve discussed, for instance, the IRS’ public statements on the taxation of bitcoin and other […]