Got an IRS Letter? Start Here Before You Panic
Receiving a letter from the IRS is stressful—no doubt about it. But take a deep breath. It’s not the end of the world. This post is to help you decode what your IRS notice actually means.
IRS Faces Unprecedented Staff Loss: What It Means for Taxpayers in 2025
The IRS is losing up to 20,000 employees in 2025, leading to delays in audits, amended returns, and taxpayer service. Learn how this impacts you—and how a tax attorney can help resolve your IRS issues quickly.
Reminder: File Quarterly Form 941 and Colorado Tax Return by October 31
Businesses paying wages—file your IRS Form 941 and Colorado Department of Labor tax return by October 31. Stay compliant to avoid penalties.
Estimated Tax Payments Due Today: How to Calculate and Pay Your Estimated Taxes
Learn how to calculate your IRS estimated tax payments, how to pay them, and the consequences of missing today's payment deadline. Stay compliant and avoid penalties.
Understanding the Extended Federal Income Tax Return Filing Deadline
Asking to extend the deadline for filing the tax return gives more time to gather the necessary information and prepare the tax return without a late filing penalty.
Managing Tax Underpayments: Understanding IRS Interest Rates and Exploring Cost-Effective Solutions
The IRS announced that the interest rates on tax underpayments (i.e., taxes owed but not fully paid) for the fourth quarter of 2024 will remain at 8%, starting from October 1, 2024.
Navigating Tax Return Deadlines: A Guide for Individuals and Businesses
As tax return filing deadlines approach, staying informed about filing deadlines is crucial. Whether you’re an individual taxpayer or a business owner, understanding these dates can help you avoid penalties and ensure compliance with the IRS.
House Rejects Proposal to Increase State and Local Tax Deduction Cap
House Democrats and Republicans voted against a proposal to increase the cap on state and local tax deductions for married couples with adjusted gross incomes below $500,000 for the fiscal year 2023.
IRS Halts Processing of New Claims for Employee Retention Credit to Combat Fraudulent Activities
The IRS has halted processing new claims for the Employee Retention Credit (ERC) until year end due to concerns over increasing ineligible and fraudulent claims. Businesses should seek guidance from trusted tax professionals and review IRS resources to determine their eligibility for the credit.
The IRS Announced New Interest Rates
The IRS has announced new interest rates, effective October 1, 2023, with rates for overpayments and underpayments increasing to 8% per year, compounded daily.
Did you know that the world's first tax was levied in ancient Egypt?
The world's first tax was levied in ancient Egypt around 3000 BCE. The tax was called the "heqat" and it was a tax on agricultural land, that was collected by the pharaoh and used to fund the government and public works projects. The word "tax" comes from the Latin word "taxa", which means "assessment".
The IRS is taking action against collectives that profit from the use of an individual's NIL
The IRS has issued a memo stating that donations to NIL collectives may be subject to federal taxation as they primarily serve the private interests of student-athletes. Student-athletes engaging in NIL activities should consider the tax implications of the IRS decision.
The Name that Goes First on the Tax Return Can Reveal a lot About the Taxpayers’ Beliefs and Attitudes
When couples file their taxes, the decision of whose name goes first can reveal a lot about their beliefs and attitudes, according to a recent study. While some couples may be shifting their ways, the IRS discourages changing the order of names on a joint tax return.