Translations from Your Trusted Advisor.
If you have received a letter from the IRS, do not panic! The IRS has begun sending out letters to potentially eligible families who did not claim Economic Impact stimulus payments, the Earned Income Tax Credit, the Child Tax Credit, and/or the Recovery Rebate Credit and did not file a 2021 federal tax return. If you filed a 2021 tax return, you will not receive this letter from the IRS and this will not affect you.
Ahead of the Veterans Day holiday the IRS has published a list of tax resources available for members of the military. These include a dedicated IRS webpage with helpful resources. There are also specific IRS publications for military members.
With inflation running at 30 year highs the IRS has been busy updating various items that are tied to inflation. On October 21, 2022, the Internal Revenue Service issued Notice 2022-55 announcing retirement plan cost-of-living adjustments (COLAs) applicable to 2023.
If you are a Massachusetts individual taxpayer and had a tax liability for 2021, you may be getting a refund of state taxes paid via direct deposit or check.
The Commonwealth of Massachusetts reported that it received excess revenue from taxpayers in 2021, to the tune of almost $3 billion. This massive surplus brought Chapter 62F of Massachusetts state law into effect, requiring the state to issue refunds to individuals who paid a tax liability last year.
S corporations in New Hampshire are generally created from an LLC that chooses to file as an S corporation under the “check the box” regulations. While there is a litany of benefits to forming your S corporation with an LLC, from preferential treatment under NH I&D taxes to charging order protection, there are a couple of traps that you need to look out for that may make your S election entirely invalid, even if you are otherwise operating your business in a compliant manor.