by Patricia Parrilla Tax Services | Apr 21, 2021 | Tax Tips and News
The Internal Revenue Service has issued guidance aimed at employers who claim the employee retention credit (ERC). The ERC was created by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), but its terms were changed by subsequent legislation. The...
by Patricia Parrilla Tax Services | Apr 20, 2021 | Tax Tips and News
The nation’s Taxpayer Advocate wants taxpayers to know there’s a downside to having too much of a good thing. In this case, it refers to making excessive or improper claims to qualify for a number of tax credits. The downside is that the IRS has the ability to ban a...
by Patricia Parrilla Tax Services | Apr 17, 2021 | Tax Tips and News
The Internal Revenue Service continues to send out Economic Impact Payments (EIPs), aimed at helping Americans though these tough economic times. But how can the agency fulfill its mission if the citizens who need the help most—the homeless and the rural poor—don’t...
by Patricia Parrilla Tax Services | Apr 15, 2021 | Tax Tips and News
The Internal Revenue Service is once again warning taxpayers who are involved in abusive micro-captive insurance schemes that they need to get out of those arrangements—and quickly. A new U.S. Tax Court victory has added steam to the latest round of IRS examinations...
by Patricia Parrilla Tax Services | Apr 14, 2021 | Tax Tips and News
While the deadline for filing federal income taxes has been pushed back to May 15 because of the COVID-19 pandemic, those who file an annual Report of Foreign Bank and Financial Accounts (FBAR) still face their same April 15, 2021 due date. FBAR filers who miss the...
Patricia Parrilla Tax Services